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MOU signed between QPI and MOL for joint development of petrochemical projects

Qatar Petroleum International (QPI), QP’s international arm, has signed an MoU with Hungarian oil and gas major MOL to jointly develop upstream and downstream hydrocarbon and petrochemical projects worldwide.

Qatar Petroleum International and MOL said they would jointly look at the existing or new natural gas and crude oil exploration activities, field development and production including enhanced oil recovery and improved oil recovery, petrochemical projects and research and development of environmentally friendly energy products.

The MoU was signed for QPI by HE the Deputy Premier, Abdullah bin Hamad al-Attiyah and for MOL by its executive vice-president Zoltán Áldott here last night. Al-Attiyah, who is also the energy minister, said the two companies would jointly explore business opportunities across the Gulf, Central Europe and other developing markets. He added that, by law, QPI could not pursue business opportunities within Qatar, which is a QP portfolio. Nevertheless, he said, the tie-up with QPI would not bar MOL from entering Qatar to seek business opportunities. “It is free to talk to us (QP),” al-Attiyah said.

The deputy premier said he had given a mandate to QPI “to seek business opportunities anywhere”. “I have told the QPI chief, Nasser al-Jaidah and his team to look for opportunities everywhere. We are not looking at any specific regions. Already, QPI has investments in Panama, Tunisia among other places,” he said.

Other areas of collaboration may include petrochemical projects, research and the development of “environmentally friendly energy solutions,” Budapest-based Mol said in a statement on the Web site of the Budapest Stock Exchange.
Specific areas of cooperation may include exploration, development and production at new or existing natural-gas and crude-oil fields, Mol said in its statement.

Qatar, owner of the world’s largest single natural-gas field, has a $130 billion, eight-year investment program in oil, gas, education and health. The country’s economic growth will rise from 8% this year to 11% in 2010 on sales of gas, Standard & Poor’s forecast in March. (, Gazdasági Rádió, bg)