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MOL to spend USD 1 billion on upgrades in 2005

Hungarian oil company Mol Rt. has USD 1 billion available to spend on upgrading its facilities, acquisitions and buying oil fields, business daily Vilaggazdasag reported, citing CFO Jozsef Molnar. In 2005 MOL Rt is planning to spend Ft 170 billion on upgrading its facilities. The company wants to expand in Eastern Europe in order to buy more crude production as its Hungarian oil fields become depleted. MOL is also in exclusive talks with the Bosnian government to buy 67% of Energopetrol, the Balkan country's biggest crude oil and oil products trader, in a joint bid with Croatian oil company INA.