Hungarian MOL strengthens ties with KazMunayGas to boost Kazakh oil and gas cooperation

Hungarian oil and gas company MOL signed a strategic partnership agreement with KazMunayGas (KMG), the state-owned oil and gas company of Kazakhstan to exploit joint opportunities in the Kazakh oil and gas industry and the petrochemical sector, MOL said on Wednesday.

The agreement is based on the companies’ successful cooperation in Kazakhstan dating back to 2004, in the framework of which MOL, KMG and China’s Sinopec jointly produce gas and gas condensate on Kazakhstan’s Rozhkovskoye gas field.

The new agreement is aimed to expand cooperation in hydrocarbon exploration and production, and to apply MOL’s technology in Kazakhstan, as well as to cooperate in importing crude oil from Kazakhstan to Hungary and Europe. The sides are also looking for possibilities of cooperating in the petrochemical sector.

“The agreement signed today further strengthens our excellent twenty-year relationship with our partners in Kazakhstan,” Chairman-CEO Zsolt Hernadi said. “It can open new doors for us, and we are sure that KazMunayGas and MOL have further joint projects ahead,” he added.

MOL has so far invested close to USD 200 million in Kazakhstan’s oil sector.

The Rozhkovskoye field is operated by a joint venture owned by Kazakhstan’s KazMunayGas (50pc), MOL Group (27.5pc) and FIOC of China (22.5pc), the statement said.

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