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Hungarian oil and gas company MOL on Thursday said it will partner with the state of Hungary to establish a foundation, dubbed MOL New Europe Foundation, to fulfill its corporate responsibility objectives.

The foundation is expected to be established as a “public interest trust foundation providing public tasks” in Q2 or Q3 2021 with equal capital contributions by the state and MOL, it said in a statement.

MOL and its subsidiaries will transfer 42,977,996 shares — about 5.2 percent of share capital — to the foundation whose operation will be financed mainly from dividends on shares offered by the founders.

The foundation will focus on the areas of sport, culture, health and environmental protection, and it will take over most of the corporate social responsibility activities carried out by MOL at present.

MOL holds 7.37 percent of its shares in treasury.

The state holds a 5.24 percent stake in MOL. It recently transferred two 10 percent stakes in the company to foundations that operate Corvinus University of Budapest and Mathias Corvinus Collegium, an interdisciplinary educational institution that sees to foster talent in the Carpathian Basin.

featured image: MOL chief Zsolt Hernádi (illustration); via Zoltán Gergely Kelemen/MTI