MOL's Slovnaft Scraps Dividend from 2013 Profit

Slovak crude processor Slovnaft, a unit of Hungarian oil and gas group MOL, will not pay any dividend from 2013 and will retain 8.2 million euros of net profit, it said on Thursday.

Slovnaft said the retained profit will be used for large investments. The company has said earlier it would invest more than 300 million euros into production of plastics.

Last year the company paid a dividend of 41.3 million euros.

The annual general meeting of Slovakia's sole oil refiner also approved the possibility of a share buy-back.

MOL owns 98.4 percent of the shares.

(Reporting by Robert Muller; Editing by Elaine Hardcastle)