MOL Group and Kazakhstani nationwide oil firm KazMunayGas (KMG) have signed right this moment a cooperation settlement to collectively discover alternatives within the oil, fuel and petrochemical sector. This settlement builds on the profitable three way partnership in Kazakhstan, the place MOL, KMG and Sinopec from China have been producing fuel and fuel condensate on the Rozhkovskoye area.
Below the cooperation settlement, MOL Group and KMG expressed their want to research new development alternatives within the areas of hydrocarbon exploration and manufacturing, expertise switch, crude provide, and petrochemicals as strategic companions, advancing their relationship to a brand new stage.
The settlement’s key precedence is the growth of the prevailing exploration and manufacturing cooperation and the appliance of MOL expertise in Kazakhstan to extend the yield of mature producing fields and the sale of produced hydrocarbons in Europe. Along with this, the companions will search alternatives of potential petrochemical mission ideas in Kazakhstan. Additionally, the 2 firms are in search of potential import of Kazakh crude oil to Europe and Hungary.
The doc was signed in Budapest by MOL Group Chairman and CEO Zsolt Hernádi and KMG Chairman of the Administration Board Askhat Khassenov within the framework of the go to of the Kazakh President to Hungary.
“The settlement we signed right this moment additional strengthens our 20-years lengthy good relationship with our companions in Kazakhstan,” stated Zsolt Hernádi, Chairman and CEO of MOL Group. “We have now been profitable in creating the Rozhkovskoye fuel area and we discovered nice experience, friendships and potentialities in Kazakhstan. I have to say that we’re very a lot open to have extra of this sort of adventures. Immediately’s signing opens new doorways for us and we’re assured we’ll discover new tasks with KazMunayGas. Right here I wish to thank the assist of each of our Governments to make this occur. I can promise that we at MOL are keen to spice up the Kazakh-Hungarian financial relations additional with new flagship tasks within the power sector.”
MOL celebrates the twentieth anniversary of its presence in Kazakhstan this 12 months. The corporate has to this point invested round USD 200 million within the Kazakh oil sector, making it the most important Hungarian investor within the nation.
KMG and MOL Group have been efficiently working collectively within the Rozhkovskoye fuel and gas-condensate area in Kazakhstan as a part of the worldwide three way partnership together with KMG, Kazakhstan (50%), MOL Group, Hungary (27.5%), and FIOC, China (22.5%). The sphere was found in 2008 and after exploration and appraisal, 5 out of 9 drilled wells have been efficiently re-completed for manufacturing. First fuel was reached in December 2023, and since then manufacturing of the wells boosted to 1.35 million cubic meters of fuel per day gross, contributing by 4,43 thousand bopd equal to MOL Group’s manufacturing.
The settlement signed right this moment with KMG follows those MOL Group has lately signed with different strategic companions together with the State Oil Firm of the Republic of Azerbaijan (SOCAR) and with Turkish Petroleum Company (TPAO) in Türkiye.
