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Hungary's MOL buys stake in Pakistani block

Hungarian oil and gas group MOL said it had signed a deal with Pakistan's Mari Gas Company Limited to buy a 40% stake in the Karak exploration block in Pakistan.

MOL said as part of the deal Mari Gas Company, which it said was one of the largest oil and gas exploration firms in Pakistan, would get a 25% stake in a block owned and operated by MOL in Oman.

“This partnership allows us to diversify our exploration portfolio and further extend MOL's presence in one of our main target countries, Pakistan,” Zoltán Áldott, Executive Vice-President of MOL's Exploration and Production Division said in a statement. (Reuters)