[6][7] MOL is active in exploration and production, refining, distribution and marketing, petrochemicals, power generation, trading and retail.

[8] MOL's downstream operations in Central and Eastern Europe manufacture and sell products such as fuels, lubricants, additives and petrochemicals.

MOL decided on a privatization strategy, in order to respond to international market, political and legal challenges, which the company was facing following the turmoil of the end of the Soviet Union.

In 2004, MOL entered the Austrian market by purchasing a fuel storage facility in Korneuburg, and a year later acquired the Roth filling station chain.

[20] In August 2007, MOL purchased Italiana Energia e Servizi S.p.A. (IES), owner of the Mantua refinery and a chain of 165 retail stations in Italy.

After selling 7% of its shares to CEZ within the scopes of a strategic partnership, MOL announced on 10 March 2008 the sale of an 8% stake to the Oman Oil Company for the same reason.

[29] In late 2013, MOL entered the North Sea by acquiring Wintershall’s portfolio, which included a mix of producing fields and undeveloped projects.

[32][33] On May 8, 2014, MOL announced the acquisition of the Italian Eni’s subsidiaries in the Czech Republic, Slovakia and Romania, including the retail network of 208 petrol stations previously operated under the Agip brand.

According to the company, its integrated upstream-downstream business model would continue to provide stable and robust profitability for the next 10–15 years, but new investments are seen to be essential for MOL’s future.

[38][39] Through 2030, MOL scheduled investments of US$4.5 billion to expand its petrochemical business and to extend away from the commodity segment into higher value-added chemical products.

In September 2018, MOL reached final investment on the project and signed engineering, procurement and construction (EPC) contracts with ThyssenKrupp.

[42][43] In October 2019, the foundation stone for the complex in Tiszaújváros, Hungary, was laid by Zsolt Hernádi, Ferenc Koncz, Sami Pelkonen and Mihály Varga.

[49][50] In November 2019, MOL signed an agreement with Chevron, acquiring their 9.57% interest in the Azeri-Chirag-Gunashli (ACG) oil field and an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline.

Its downstream asset base includes 6 production units: 4 refineries and 2 petrochemical sites, and an extended regional logistics and wholesales network as an integrated value chain.

[8] MOL's petrochemical portfolio consists of high-quality polyolefin products (high- and low-density polyethylene, polypropylene) as well as butadiene.

[79][80] As part of its 2030 strategy, MOL targets a gradual increase of the share of valuable non-motor fuel products to above 50% by 2030 from below 30% currently.

MOL intends to increase the feedstock for its petrochemical plants, whilst also taking advantage of the growing demand for profitable products as jet fuel, lubricants and base oils.

[81] As MOL aims to expand its petrochemical business, the company has earmarked EUR 1.2bn for investment in propylene-oxide based polyols, a high-value product applied in the automotive industry, packaging and furniture manufacturing.

As part of circular-economy and sustainability endeavors, the plant pilots a process dubbed "Newcycling", recovering high-quality materials from plastic waste.

[85] As of 2018, MOL Group owns a network of nearly 2,000 service stations under six brands across ten countries in Central and Southern Europe.

Additionally, the court dismissed Croatia's allegations of corruption against MOL,[107] where the Hungarian company was accused of obtaining managerial control over INA through illicit means.

Further compensation was granted to MOL due to the compelled sale of stored natural gas by an INA subsidiary at lower prices.

The ICSID decision is an important turning point in the prolonged legal fight between MOL and Croatia[111] and a significant shift in their tumultuous history.

In a related matter, opposition parties within the Croatian parliament were disappointment following the Swiss Federal Supreme Court's decision to reject Croatia's application[112] for a review of the 2016 INA arbitration case.

Ivo Sanader and Zsolt Tamas Hernádi were found guilty of bribery[113] in a judgment that was upheld by the Croatian Supreme Court in February 2022, at the time when a request for a review was made.

This outcome drew frustration among Croatian officials, with MP Dalija Oreskovic (Centre) asserting that the situation highlighted the nation's vulnerability and the potential inadequacy of its representation.

[115] Nikola Grmoja (Most party) suggested that the outcome of the INA case influenced the arbitration's result and the subsequent review request.

According to a list maintained by the Yale School of Management, as of March 2022, the company continues to do business in Russia despite a widespread boycott after the Russian invasion of Ukraine.