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MOL, Green Rock buy out Icelandic partner in geothermal JV

Hungarian oil and gas company MOL said it raised its stake in geothermal energy company CEGE from 33% to 50% by buying out one of its partners in the company together with Australia's Green Rock Energy International.

CEGE was established in July 2008 by MOL, Green Rock Energy International and Iceland's Enex. Each of the partners owned one-third of the joint venture.

MOL and Green Rock have each purchased half of Enex's 33% stake in CEGE at nominal book value. (MTI – Econews)