Cseh Valentin szerk.: „70 éve alakult a MAORT” – tanulmányok egy bányavállalat történetéből (2009)
Lajos Srágli: Hungary's Economy, Politics and MAORT
in New York, which took over an ever increasing number of shares, so near the end of 1937 it already held 90% of stock.'" Production at Budafapuszta bore number 2 began on November 21,1937. This is the date from which one may count the beginning of oil production on an industrial scale in Hungary, as well as the start of oil industry's becoming a definitive factor in the economy. Pursuant to the Supplementary Agreement signed onjune 24,1938, EUROGASCO incorporated a share company registered in Hungary for the working of the Budafapuszta oil field, moreover for prospecting newer oil fields. The Hungarian-American Oil Industries Limited Company ('Magyar Amerikai Olajipari Részvénytársaság' - MAORT) held its founding general meeting on July 15. 136 The "Supplementary Agreement" articulated the circumstances of incorporating the new share company, its share capital and tasks, as well as the terms and conditions for exercising mine working rights, the government's share, etc. It stipulated that the company will be obliged to hand over 15% of produced oil, 12% of natural gas, and 15% of gasoline to the state either in kind or in cash. The share capital of the share company was determined to be 14,357,000 Pengő— after increasing the original sum according to the state's wishes. 13. At the time MAORT was created, Hungarian industry was still vet to recover from the consequences of the Great Depression. Mining and metallurgy, which constitute the basis for heavy industry, only represented 1.5% of national income in 1934-1935. The level of technological development in extractive industries was also low. The minimal production of modern energy carriers in relation to demands caused a particularly large problem, even though this was the period when petroleum became predominant in factory production, transportation, and the chemical industry all over the world. 138 The events of 1937 and 1938, the discovery of the Bükkszék and Budafapuszta oilfields, moreover the creation of the first oil production company in Hungary - MAORT - had a great impact on the entire economy. Produced crude oil reduced imports by close to 3 million Pengő as early as 1938. Production by MAORT's facility resulted in an additional 340,440 Pengő profit for the Hungarian state in 1938 on account of the Treasury's share, in addition to savings on import. These proportions and quantities increased further as the exploration of oilfields went ahead.' 39 Hungary essentially earned the rank of "crude oil producing country" thanks to MAORT's production, although in worldwide comparison, crude oil deposits known in 1942 added up to just 0.02% of proven crude oil reserves around the world. 14 " The Budafapuszta oilfiled - estimated to extend over 28.5 square kilometres - was still producing from just two wells, but it already had the attention of Hungarian government circles even so. The intensity of this interest is also illustrated by the fact that Hungary's Regent, Aíiklós Horthy paid a visit to the Zala oil country together with the Minister of Industry on June 16, 1938. A series of various delegations, civilian and high ranking military visitors followed one another m PAPP 1965, 87. OL Z 356 MAORT Secretariat pack. 1. 1 Supplementary agreement between the Hungarian Roval Minister tor Industry and the European Gas and Electric Company. MOIM Arch.,Gy. 61/8. 158 BEREND-SZUHAY 1978., 275-297. GOVERNMENT REPORT 194(1, 261.; BRI. 1937, 144. 14 " MOIM Arch. Gvulav documents 53/4, Simon Papp's documents 1/1., 26/4.
