RAG and MOL start cooperation to strengthen Hungary's security of oil and gas supply
16.12.2009 | Pressrelease
Budapest, 16th Dec. 2009 - Today MOL Hungarian Oil and Gas PLC., Budapest (MOL) and Rohöl-Aufsuchungs Aktiengesellschaft, Vienna (RAG) have signed a framework agreement on cooperation aiming to further intensify oil and gas exploration and production in Hungary and strengthen the country's security of supply. The partners will jointly explore and develop their licences at the highest international technological level. This will allow both companies to conduct their exploration and development activities even more efficiently and effectively.
The partners also agreed to grant each other preferential partner status concerning selected future activities, licences and business opportunities.
About MOL
MOL is the leading integrated oil and gas company in Central and Eastern Europe, with core activities comprising exploration and production of oil and gas, transportation and distribution of crude oil products, transmission of natural gas, production and sales of refinery products and production of electricity and thermal energy from gas and renewable resources.
The MOL Group operates a regional filling station network of over 1000 sites in 10 countries. Its exploration and production division focuses on Central and Eastern Europe, 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 stocks are also traded in London and the USA.
About RAG
RAG is the oldest independent Austrian oil and gas company. RAG's exploration and production activities are located in Austria, Germany, Hungary, and Poland. In Hungary, operations are performed by its fully owned subsidiary, RAG Hungary.
In addition to exploration and production, RAG is one of the largest operators of underground gas storages in Europe. The underground gas storage facilities of RAG and its partners not only serve the Austrian market, but also provide users in Central Europe with storage capacities of five billion cubic metres of natural gas from 2011 on.
Further inquiry note:
Elisabeth Kolm
Press officer / Corporate Communications
Schwarzenbergplatz 16, 1015 Wien
T +43 (0)50 724-5448; F +43 (0)50 724-5238
elisabeth.kolm@rag-austria.at
Ernst Burgschwaiger, Bocskai út 134-146, H-1113 Budapest, T +36 (1) 505 6800, www.rag-austria.at