MOL Group and Kazakhstani national oil company KazMunayGas (KMG) have signed on Thursday a cooperation agreement to jointly explore opportunities in the oil, gas and petrochemical sector. This agreement builds on the successful joint venture in Kazakhstan, where MOL, KMG and Sinopec from China have been producing gas and gas condensate at the Rozhkovskoye field.
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 document was signed in Budapest by MOL Group Chairman and CEO ZsoltHernádi and KMG Chairman of the Management Board AskhatKhassenov in the framework of the visit of the Kazakh President to Hungary.
