Mol invests in raw material source as well as buying new markets
Wednesday, February 23, 2005, 14:06
MOL Rt boosted its stake in the Fedorovskoye oil and gas research project in Kazakstan by 5% to 27.5% with an investment of Ft 3.82 million, the company said. Mol acquired the additional 5% from Exploration Venture Limited, which still holds 50% of the area. The third partner in the joint venture is First International Oil Corporation with a 22.5% stake. Mol expects to spend a total of $37 million in the project, including the price it paid for the area and its share of the costs of the second research phase.