Hungarian oil and gas company MOL is building a rubber bitumen plant in the Republic of Tatarstan with a 13 million US dollar investment, the minister of foreign affairs and trade announced in Budapest, after meeting Albert Karimov, Tatarstan’s deputy prime minister.
The project will be implemented in partnership with Tatneft, a local partner, Péter Szijjártó told a press conference.
Preparations for the project is under way, he said, adding that the government is in talks with Mol on the size of a possible state grant for the project, he said.
Tatarstan is one of Russia’s richest and fastest developing republics of Russia with 40 million tonnes of crude oil produced per year and 1.3 billion tonnes stored in reserves, Szijjártó said.
He called bilateral relations “special”, noting that Hungary is the only EU member state to operate a diplomatic mission in Tatarstan. Szijjártó further noted direct flights operating between the two capital cities, Budapest and Kazan.
Tatarstan is Hungary’s second most important trading partner in Russia after Moscow and its region, Szijjártó said, adding that bilateral trade last year exceeded half a billion dollars.
Karimov praised bilateral relations, noting that two-way trade in goods had gone up by 15 percent last year on 2018.
He welcomed that ties between Mol and Tatneft “are becoming even closer”.
Karimov said the talks covered cooperation possibilities in car manufacturing and the production of gas powered cars, as well as investment opportunities for Hungarian companies in the region.