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Mol and INA sign accord to develop Croatian-Hungarian gas field

Mol Rt, Hungary's largest energy company and Croatia's INA Industrija Nafte d.d. signed an agreement to jointly develop a gas field stretching over the two countries' border. The initial cost of drilling will be € 5 million ($6.3 million), which the two companies will split evenly, Budapest-based Mol said in an e-mailed statement today. The Podravska Slatina-Zalata field is 50 square kilometers (19.3 square miles). Mol is shifting its focus to exploration and production after it bought refineries and filling stations in eastern Europe in the past five years. The region's companies are also looking for alternative sources to cut their reliance on Russian natural gas. „If we are successful that will provide further amounts of natural gas for Croatia and Hungary,” said Zoltán Áldott, head of Mol's exploration and production division, in the company's press release. Mol owns 25% of INA and wants to buy more of the Croatian refiner. (Bloomberg)