Buzady, Zoltan2022-03-2920100949-6181http://hdl.handle.net/20.500.14018/9658This article describes the transition of MOL, the Hungarian Oil and Gas Company, from a state-owned enterprise to a privately owned regional-multinational company and outlines its growth to become a leading player in the CEE region. It also illustrates how the company went through the internal restructuring process before and during its acquisition period. Over three distinct development phases it then emerged as a new species in the CEE, as a “regional multinational”. The case also gives valuable strategic insights into the oil industry of the majority of CEE countries.engInternational businessStrategic managementRegional expansion in CEECross-cultural managementChange managementWorking paper