Orbán holds talks with Omani oil minister

Budapest, September 1 (MTI) – Prime Minister Viktor Orbán held talks with Mohammed bin Hamad Al Rumhy, Oman’s oil and gas minister, in Parliament on Thursday afternoon, Orbán’s press chief said.

The talks focused on successful decade-long cooperation between the Omani National Oil Company and Hungarian oil and gas company MOL, Bertalan Havasi told MTI.

Zsolt Hernádi, MOL’s chief executive, attended the meeting, he added.

MOL has been participating in explorations for minerals in Oman since 2007. The country’s state-owned oil company obtained a 7 percent stake in the MOL group in 2008, Havasi noted.

Their strategic cooperation has created numerous opportunities for both sides, he said.

Al Rumhy also met Economy Minister Mihály Varga to discuss ways to boost bilateral economic relations and Hungarian investment opportunities in Oman, the economy ministry said in a statement.

Hungary aims to boost Hungarian investments in Oman, which it sees as a bridgehead to further opportunities in India and Africa, Varga said. Hungary can serve as a gateway for Omani companies seeking opportunities in the European Union, he added.

He outlined Hungary’s business and regulatory environment as well as incentives for promoting foreign investments.

The sides agreed that the swift conclusion of an inter-governmental agreement on avoiding dual taxation would be indispensable to further intensifying bilateral economic cooperation. Varga said this should signed in the autumn so that it can take effect from Jan. 1.

The ministers also discussed cooperation in the oil industry. Varga expressed the Hungarian government’s full support for this as the largest stake-holder to MOL’s strategic partnership with Oman’s national oil company, Oman Oil. MOL has already carried out several extraction exploration projects in Oman and its experts have been regularly contributing to developing Oman’s oil industry, Varga said. Continuing successful cooperation is in the interest of both sides, he added.

Trade with Oman has grown fast, with Hungarian exports increasing by an annual 72 percent in the first five months of 2016. Hungary’s imports grew by an annual 35 percent during the period, the ministry said. The total volume of trade in goods has increased by almost 52 percent to 15.86 million dollars, it added.

Photo: MTI

Source: MTI