Latest news with #MOLGroup
Reuters
6 days ago
- Business
- Reuters
Slovak refiner will continue supplies to Czech Republic after sanctions waiver ends
May 28 (Reuters) - Slovak refinery Slovnaft has secured alternative crude supplies to maintain diesel exports to the Czech market after the June 5 expiry of an EU exemption that allowed it to export products derived from Russian oil, parent company MOL ( opens new tab said. Slovnaft exports about half of its production, and has been using primarily Russian oil supplied via the Druzhba pipeline, using a temporary exemption from EU sanctions which allowed it to process the oil for the domestic and export markets. After June 5, it will not be allowed to export Russian oil-based products, but can still use them on the domestic market. The 124,000 barrels-per-day Slovnaft refinery has made technological changes and secured alternative crude supplies to continue exporting to the Czech Republic, MOL said. "Slovnaft will continue to supply the Czech market even after the derogation expires, thanks to... investments delivered by MOL Group in recent years to make its refining technology more flexible," it said in emailed responses to Reuters questions. Imports from Slovakia account for about 10% of overall Czech demand for diesel, which totalled 5.4 million metric tons in 2024, according to the Czech Statistical Office. Slovnaft processed 5.3 million tons of oil in 2023, the last data available, of which 0.8 million were non-Russian. It imports alternative sea-delivered crudes through the Adria pipeline from Croatia. "MOL Group is constantly looking for alternative supply solutions and routes," MOL said. "For example, the oil trading agreement between MOL and (Hungarian energy firm) MVM could increase the volume of Azerbaijani crude oil imported into the region by 160,000 tons per year." MOL did not specify how the balance of Druzhba and Adria flows to Slovnaft was expected to change from next month. Slovakia imported 4.83 million tons of oil in 2024, out of which 4.18 million tons were from Russia, according to data from the Slovak Statistical Office. Slovakia and Hungary have been keen to keep oil and gas imports from Russia, thanks to derogations from EU sanctions taking into account bottlenecks on other supply routes, and have resisted EU plans to scrap the exemptions.
Yahoo
02-05-2025
- Business
- Yahoo
MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary
MOL Group and Turkish Petroleum have entered into concession agreements with Hungary's Ministry of Energy, granting the companies rights for joint hydrocarbon exploration in two concession areas in Hungary, Tamási and Buzsák, reported europétrole. The concession agreements were signed in Budapest by MOL Group chairman and CEO Zsolt Hernádi and Turkish Petroleum chairman and CEO Ahmet Türkoğlu. Hungary's Ministry of Energy, after a five-year break, announced new mining concessions last autumn to enhance domestic production and mitigate import reliance. MOL Group successfully secured four out of the five concessions it bid for. The company independently bid for the Kiskőrös and Hatvan areas, while it partnered with TPOC, a subsidiary of Turkish Petroleum, for the Buzsák and Tamási concessions. MOL Group chairman and CEO Zsolt Hernádi said: 'I am proud to be signing this Concession Agreement along with our respected partner, Turkish Petroleum. Today's ceremony is the culmination of months of hard work in which we have taken MOL and TPAO's cooperation to a new strategic level. 'Beyond our close partnership, TPAO's entry into the Hungarian upstream sector is also a vote of confidence by TPAO in the Hungarian business environment.' In addition to these Hungarian projects, MOL and Turkish Petroleum are scouting for further collaborative opportunities across the Caspian region, the Black Sea, North Africa, and central and eastern Europe. The companies formalised their strategic partnership last October with a memorandum of understanding to jointly engage in exploration, field development and production projects across these regions. Turkish Petroleum chairman and CEO Ahmet Türkoğlu said: 'We have enjoyed a strong and long-standing partnership with MOL in Azerbaijan. Strengthened by our joint investments, this collaboration has inspired us to pursue further opportunities together. 'With this confidence, we took our first concrete step by signing a joint exploration agreement with MOL at two sites in Hungary. Looking ahead, we plan to leverage this positive momentum to inspire new joint ventures with MOL in various regions.' "MOL Group and Turkish Petroleum to jointly explore hydrocarbons in Hungary" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Arab News
17-04-2025
- Business
- Arab News
Pakistan and Hungary scrap diplomatic visa requirement, sign cultural cooperation deals
ISLAMABAD: Pakistan and Hungary on Thursday signed an agreement to abolish visa requirements for diplomatic passport holders of both countries, along with two memorandums of understanding (MoUs) in the fields of culture and archaeology to enhance bilateral cooperation. Hungarian Foreign Affairs and Trade Minister Péter Szijjártó is visiting Islamabad on the invitation of his Pakistani counterpart Ishaq Dar with a high-level delegation, including 17 businessmen, to explore investment opportunities in the country. The visit marks the 60th anniversary of diplomatic relations between the two nations, which have enjoyed cooperation in energy, with Hungarian company MOL Group actively investing in Pakistan's oil and gas exploration sector since the early 2000s. 'We are happy that we were able to sign the agreement of lifting the visa requirements for diplomatic passport holders,' Szijjártó said during a joint news conference with the Pakistani foreign minister. 'We are also proud to be able to sign the agreements about cooperation in the fields of culture and archaeology.' The Hungarian minister also praised Pakistan's war against militancy in the region, saying his country valued and appreciated Islamabad's efforts since they also contributed to Europe's security. 'Regardless of all huge international efforts, there's still a big threat of terror stemming from Afghanistan,' he continued. 'And this threat of terror comes with the danger of launching of further illegal migratory waves toward Europe.' Szijjártó's remarks come at a time when Pakistan has witnessed an uptick in militant violence in its western provinces bordering Afghanistan, prompting security forces to launch intelligence-based operations and blame the administration in Kabul for 'facilitating' cross-border attacks by militant outfits, an allegation the Afghan government denies. Pakistan is also carrying out a deportation drive of 'illegal immigrants,' mostly Afghan nationals, citing security reasons. The move is part of a larger repatriation drive that began in November 2023, with over 900,000 Afghans expelled from Pakistan since. On the occasion, Dar said the signing of MoUs and the visa agreement would 'deepen our government-to-government and people-to-people' connections on regional matters. This visit marks Islamabad's push to attract investment from European countries in its priority sectors to achieve sustainable growth after pursuing agreements in trade, energy, tourism, livestock, mining and minerals with regional allies, including Gulf countries in recent months.
Arab News
17-04-2025
- Business
- Arab News
Hungarian FM to visit Pakistan today with high-level delegation to explore business opportunities
ISLAMABAD: Hungary's Minister for Foreign Affairs and Trade Péter Szijjártó is scheduled to arrive in Pakistan today, Thursday, with a high-level delegation to explore business opportunities in the country, Pakistan's foreign office said. Szijjártó is touring the country Deputy Prime Minister Ishaq Dar's invitation, the foreign office said, adding that the two will hold delegation-level talks after holding one-on-one discussions. 'Deepening collaboration in economic, trade, energy and investment sectors is the focus of the two governments,' the foreign office said on Wednesday. It said various memoranda of understanding (MoUs) and an agreement on cooperation in the fields of culture (2025-2027), archaeology and cultural heritage, and for abolition of visas for holders of diplomatic passports will be signed between the two countries on the occasion. 'This would be FM Szijjártó's second visit to Pakistan, aimed at lending positive impetus to enhanced bilateral cooperation and mutually rewarding economic partnership,' the statement said. Pakistan enjoys cordial relations with Hungary and this year Islamabad will mark 60 years of the establishment of its diplomatic relations with the country. The two countries enjoy cooperation in energy, with Hungarian oil and gas company MOL Group actively investing in Pakistan's oil and gas exploration sector since the early 2000s. MOL Pakistan has invested heavily in exploration and production, especially in Pakistan's northwestern Khyber Pakhtunkhwa province. Pakistan has pursued agreements in trade, energy, tourism, livestock, mining and minerals and other priority sectors with regional allies and Gulf countries in recent months. Islamabad hopes to attract foreign investment in its priority sectors to achieve sustainable growth. Pakistan formed the Special Investment Facilitation Council (SIFC) in June 2023 to attract international investment in these sectors, mainly from Gulf countries. The SIFC says it aims to fast-track decisions related to investments.
Yahoo
19-03-2025
- Business
- Yahoo
MOL discovers new oilfield in Transdanubia, western Hungary
Hungarian oil and gas company MOL has announced the discovery of a new oilfield in Transdanubia, near Somogysámson. The exploration drilling campaign in December 2024 revealed oil at a depth of 1,250m. Drilling at the well, named Som-8, began on 25 November 2024 and was completed after 33 days. The well tests conducted until March 2025 revealed that the Som-8 well can produce 1,200 barrels of oil per day (bpd). The oil produced from the field is due to be transported by truck to the Danube refinery in Százhalombatta. This discovery is expected to help meet Hungary's energy needs and contribute to MOL Group's total hydrocarbon production. The oil production from the Som-8 well will account for around 1% of MOL Group's total hydrocarbon production. MOL Group Exploration and Production executive vice-president Zsombor Marton said: "I am very proud to announce that, after the exploration successes of the recent years, we have once again discovered a new oilfield – this time in the Transdanubian region, where we last discovered oil more than a decade ago. 'The fact that we achieved this success in the concession belonging to Bázakerettye, which has an almost 100-year oil industry tradition, is clear evidence that there is still potential in hydrocarbon exploration in Hungary. 'We are discovering previously unknown hydrocarbon deposits one after the other and further strengthening the country's security of supply: with the oil deposits in Vecsés and Tura and the natural gas fields in Eastern Hungary, we have reached a five-year peak in domestic production.' Over the next five years, MOL plans to invest approximately Ft150bn ($411.8m) in oil and natural gas production in Hungary. In 2024, MOL provided 47% of crude oil and nearly 90% of natural gas for domestic production. Hungary is a significant part of MOL Group's oil and gas production portfolio, currently accounting for approximately 39% of total production. To maintain its Shape Tomorrow strategy target of at least 90,000bpd of production over the next five years, MOL aims to strengthen its international portfolio and seek strategic partnerships. MOL Hungary COO György Bacsa said: 'As a landlocked country, our oil supply is largely via pipelines and intermediaries. It is clear that we need to reduce Hungary's import dependence by all means available. We will continue our investments and will continue to do our utmost to maintain and, if possible, increase production.' Recently, MOL signed a cooperation agreement with Kazakhstan's national oil company, KazMunayGas, to explore opportunities in the oil, gas and petrochemical industries. This new agreement continues their joint venture in Kazakhstan, where MOL, KazMunayGas and China's Sinopec have been extracting gas and gas condensate at the Rozhkovskoye field. "MOL discovers new oilfield in Transdanubia, western Hungary" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
