In a significant development for the energy sector, Hungary’s MOL Group and Kazakhstan’s national oil company KazMunayGas (KMG) have signed a cooperation agreement aimed at exploring joint opportunities in the oil, gas, and petrochemical sectors.
This agreement marks a new chapter in their longstanding partnership, which began with the successful joint venture at the Rozhkovskoye field in Kazakhstan, involving MOL, KMG, and China’s Sinopec.
The agreement was signed in Budapest by MOL Group Chairman and CEO Zsolt Hernádi and KMG Chairman of the Management Board Askhat Khassenov during the visit of the Kazakh President to Hungary.
This collaboration seeks to advance their relationship by investigating new growth opportunities in hydrocarbon exploration and production, technology transfer, crude supply, and petrochemicals.
A key focus is on expanding existing exploration and production cooperation and applying MOL’s technology to enhance yields from mature fields in Kazakhstan.
Additionally, the partners are exploring potential petrochemical projects and the import of Kazakh crude oil to Europe and Hungary.
Zsolt Hernádi expressed optimism about the partnership, highlighting the success of their ventures in Kazakhstan over the past two decades.
“The agreement we signed today further strengthens our 20-year-long good relationship with our partners in Kazakhstan.
“We have been successful in developing the Rozhkovskoye gas field and found great expertise, friendships, and possibilities in Kazakhstan,” Hernádi stated.
He emphasised MOL’s commitment to boosting Kazakh-Hungarian economic relations with new flagship projects in the energy sector.
MOL celebrates its 20th anniversary of operations in Kazakhstan this year, having invested approximately US$200 million in the country’s oil sector.
This makes it the largest Hungarian investor in Kazakhstan.
The Rozhkovskoye field, discovered in 2008, has been a cornerstone of their cooperation, with production reaching 1.35 million cubic metres of gas per day as of December 2023.
The agreement with KMG is part of MOL Group‘s broader strategy to strengthen ties with strategic partners globally.
It follows recent agreements with other major players such as the State Oil Company of Azerbaijan (SOCAR) and Turkish Petroleum Corporation (TPAO), underscoring MOL’s commitment to expanding its footprint in the energy sector across Central Asia and beyond.
