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MOL and RussNeft representatives plan to meet

Hungarian oil and gas company MOL is in ongoing negotiations with Russian partner RussNeft and representatives of the two companies plan to meet in person during the week, MOL communications director Dóra Somlyai confirmed for MTI on Wednesday.

MOL and RussNeft are in talks to find a solution to a problem with their 50-50 joint venture ZMB, which operates the Zapadno-Malobalyk oil field in Siberia. Russian mining authority Rosnedra said earlier it would withdraw the license for the Zapadno-Malobalyk field if ZMB did not use at least 95% of the gas released from oil wells at the site by 2016, as stipulated in the contract.

MOL and RussNeft are considering whether to build a power plant at the site which would be fueled with the released gas. Such a plant would cost about €25 million to build, according to press reports. (MTI-ECONEWS)