15.12.09 | Pressrelease
Budapest, 15.12.2009 - MOL Magyar Olajés Gázipari Nyrt., Budapest (MOL) and Rohöl-Aufsuchungs Aktiengesellschaft, Vienna (RAG) have signed today a framework agreement on their intention to perform joint activities in the exploration and development of certain licenses held by the partners in Hungary and licenses under application with the mining authorities.
The agreement sets out common interests of the parties in evaluating licenses jointly and handling related hydrocarbons sales.
MOL and RAG believe that their co-operation and joint plans will provide both partners the opportunity to carry out exploration and development more effectively and efficiently involving international best practises and technologies.
The partners agreed to offer the other partner a preferential status concerning future activities, licenses and opportunities.
The co-operation aims to provide additional Hungarian oil and gas resources to the market and to further strengthen the security of supply in the country.
MOL is a leading integrated oil and gas company in Central & Eastern Europe, with core activities comprising exploration and production of oil and gas, refining, transportation and distribution of crude oil products, transmission of natural gas, production and sales of olefins and polyolefins and production of electricity and thermal energy from gas and renewable resources.
The MOL Group operates a regional filling station network of over 1,000 sites in 10 countries. The exploration & production division focuses on the Middle East, Central Asia and North Africa and has recorded several significant discoveries in Hungary, Russia and Pakistan in recent years.
MOL Group shares are listed on the Budapest, Luxembourg and Warsaw Stock Exchanges; its DRs are traded on the US Pink Sheet and London’s International Order Book.
RAG is the oldest independent oil and gas company in Austria. RAG’s E&P activities are carried out in Austria, Germany, Hungary and Poland. In Hungary, RAG’s operations are carried out by its 100% subsidiary RAG Hungary.
In addition to exploration and production RAG is one of Europe’s largest operators of underground gas storage. The gas storages of RAG and its storage partners not only serve the Austrian market but provide users in the larger Central European region with storage capacity of 5 BCM targeted for 2011.
Press contact MOL:
György Bacsur
T +36 (1) 464 1653
gbacsur@mol.hu
Press contact RAG:
Ernst Burgschwaiger
Bocskai út 134-146
H-1113 Budapest
T +36 (1)505 6800
www.rag-austria.at