Vedomosti newspaper said, quoting sources close to the MOL management and the Russian Energy Ministry that Hungarian oil and gas company MOL has offered to buy back the 21.22% of its shares that Russia's Surgutneftegas purchased for EUR 1.4 billion in the spring of 2009.

The paper's sources said Russian governmental officials discussed this with Hungary two weeks ago, and that a MOL delegation was due in Moscow yesterday to continue the negotiations.

The Hungarian businessman said an exchange was being discussed, and that Surgutneftegas was insisting if receive support when buying other European assets.

Hungarian press reports have said MOL had already suggested a swap along these lines: the company was willing to sell shares in Croatia's INA to Surgutneftegas in exchange for the MOL shares owned by the Russian company. Surgutneftegas denies that talks regarding this had taken place.

Vedomosti's source close to the Energy Ministry said Russian officials did not object to selling the shares back to MOL, but that the details of the deal had not yet been discussed. Two businessmen close to MOL have heard that the company is offering to buy the shares back for the same EUR 1.4 billion

MOL and Surgutneftegas are not commenting on the information.

(Sourced from Vedomosti)