MOL sets up geothermal energy company with international partners

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Hungarian oil and gas company has set a geothermical energy producing company with Icelandic company Enex and Australian company Green Rock Energy International, MOL announced on the website of the Budapest Stock Exchange on Wednesday.

The joint venture, CEGE, Central European Geothermal Energy ProductionPrivate Company, will have share equity of Ft 6 million, evenly shared by the three founders. The three signed the articles of association of CEGE on Wednesday. The new company’s activities will include exploration, production and sales of geothermal energy, the construction of geothermal power plants and technologies for directly supplying thermal heat. CEGE’s mission is to become the market leader in geothermal energy in Hungary through the cooperation of the three companies, MOL said.

The new company will implement geothermal exploration in Hungary and if opportunities arise, on a regional level. These exploration activities will focus on the discovery of geothermal energy and CEGE, if successful, will implement geothermal power plants and technologies for directly supplying thermal heat.

MOL noted in the statement that the foundation of CEGE demonstrates its commitment towards exploring, developing and selling renewable energy sources. It added that MOL and its legal predecessors have more than 70 years experience in geological exploration and it offers a robust professional hinterland for the new subsidiary.

Enex is a state-of-the art company in the geothermal sector in Iceland. Green Rock Energy is an Australian publicly listed company focused on Engineered Geothermal Systems or Hot Dry Rock technology, not yet applied in Hungary. (MTI-Econews)

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