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Hungary’s MOL geothermal JV aims to invest $45 mln over 4-5 years

Central European Geothermal Energy Production (CEGE), a company owned in part by oil and gas company MOL, plans to invest more than HUF 10 billion (about $45.5 million) in geothermal energy projects in Hungary in the next 4-5 years, business daily reported on Wednesday.

CEGE is about to get a capital raise, CEO Attila Kujbus told Világgazdaság. MOL, Iceland’s Enex and Australia’s Green Rock Energy International, each own one-third of CEGE.

MOL already has some experience with geothermal energy. In 2002, it started a project to build a 2-5MW geothermal power plant in western Hungary and invested HUF 3-4 billion in the plan. But it decided last year that the plant would not be profitable considering the current price of electricity. (MTI-Econews)