MOL Group signs cooperation agreement with KazMunayGas

Under the cooperation agreement, MOL Group and KMG expressed their desire to investigate new growth opportunities in the areas of hydrocarbon exploration and production, technology transfer, crude supply, and petrochemicals as strategic partners, advancing their relationship to a new level

The agreement’s key priority is the expansion of the existing exploration and production cooperation and the application of MOL technology in Kazakhstan to increase the yield of mature producing fields and the sale of produced hydrocarbons in Europe. In addition to this, the partners will seek opportunities of potential petrochemical project concepts in Kazakhstan. Also, the two companies are looking for possible import of Kazakh crude oil to Europe and Hungary.

"The agreement we signed further strengthens our 20-years long good relationship with our partners in Kazakhstan. We have been successful in developing the Rozhkovskoye gas field and we found great expertise, friendships and possibilities in Kazakhstan. I must say that we are very much open to have more of this kind of adventures. Today’s signing opens new doors for us and we are confident we will find new projects with KazMunayGas. Here I would like to thank the support of both of our Governments to make this happen. I can promise that we at MOL are eager to boost the Kazakh-Hungarian economic relations further with new flagship projects in the energy sector," said Zsolt Hernádi, Chairman and CEO of MOL Group.

MOL celebrates the 20^th anniversary of its presence in Kazakhstan this year. The company has so far invested around USD 200 million in the Kazakh oil sector, making it the largest Hungarian investor in the country.

KMG and MOL Group have been successfully working together in the Rozhkovskoye gas and gas-condensate field in Kazakhstan as part of the international joint venture (JV) including KMG, Kazakhstan (50%), MOL Group, Hungary (27.5%), and FIOC, China (22.5%).

The agreement signed with KMG follows the ones MOL Group has recently signed with other strategic partners including the State Oil Company of the Republic of Azerbaijan (SOCAR) and with Turkish Petroleum Corporation (TPAO) in Türkiye.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/22112024/mol-group-sign-cooperation-agreement-with-kazmunaygas/