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Hungary’s MOL signs deal with Libya, eyes Mid East – report

Int’l Relations

Hungarian oil and gas company MOL on Tuesday said it has signed an agreement with the Libyan Investment Agency to invest in third countries, Reuters reported from Dubai on Tuesday.

“Regional national oil companies (NOC) would like to go international and we have the expertise and connections to help,” Ferenc Farkas, vice president of portfolio development at MOL, told Reuters. He declined to give details on what the Libyan cooperation agreement covers.

Libya’s state-owned National Oil Corporation has been signing a spate of deals with foreign energy firms to help develop its oil and gas reserves, Reuters said noting that Libia, an OPEC oil exporter wants to become a major gas producer, and aims to increase production to 3 billion cubic feet per day by 2010 from 2.7 billion now. “In the Middle East, we are looking for partners to join forces and we’re looking at doing more investments in the region,” Farkas told an energy conference in Dubai, Reuters reported.

In October 2007, MOL signed a cooperation agreement with Qatar Petroleum. And in March 2008, it signed a strategic co-operation agreement with Oman Oil Company (OOC), including selling 8% of MOL shares to OOC(OOC) in an assets swap. (MTI-Econews)

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