ASTANA, Kazakhstan, November 21. During Kazakh President Kassym-Jomart Tokayev’s official state visit to Hungary, KazMunayGas (KMG), Kazakhstan’s national oil and gas company, and Hungary’s MOL Group signed a landmark agreement to deepen their collaboration in the energy sector, Trend reports.
The agreement was formalized by KMG Chairman Askhat Khassenov and MOL Group CEO Zsolt Hernádi, focusing on two key areas: exploration and production of hydrocarbons and development of promising petrochemical projects.
KazMunayGas highlighted its commitment to leveraging advanced technologies and learning from MOL Group’s expertise to enhance production efficiency. The partnership aims to implement innovative solutions to reduce production costs and improve overall resource extraction processes.
The two companies have already established a successful collaboration at the Rozhkovskoye gas condensate field in Kazakhstan’s West Kazakhstan Region. The field, which has reached its target production levels in the first phase of development, saw MOL Group investing approximately $200 million.
In addition to upstream activities, the agreement places special emphasis on petrochemical development. Both parties will explore the possibility of launching high-value-added production projects in this area, reflecting their shared vision of creating sustainable and profitable solutions in the oil and gas sector.
“This agreement marks a new chapter in our cooperation with MOL Group,” said KMG Chairman Askhat Khassenov. “Together, we aim to implement cutting-edge practices that will drive efficiency and innovation in the energy sector.”
MOL Group CEO Zsolt Hernádi echoed these sentiments, emphasizing the strategic importance of the partnership for both companies and the broader energy markets in Central Asia and Europe.