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Mol submits binding bid for 100% stake in Russian oil field

Mol Nyrt, Hungary's largest energy company, said it submitted a binding bid for 100% of a Russian oil field to further expand in the country.

Mol, based in Budapest, submitted the bid on December 1, it said in a stock exchange statement today. Mol did not name the Russian oil field, which has more than 60 million barrels of proven and expected reserves, according to the company. The current level of output is 1,800 barrels a day, which can be significantly boosted, it added. (Bloomberg)