MOL planning a further $250 mln investment in Kazakh oil project
Hungarian oil company MOL is planning to invest a further $250 mln investment in an oil project in Kazakhstan, chairman-CEO Zsolt Hernádi on Thursday told journalists in the Kazakh capital Astana, where he arrived along with Prime Minister Viktor Orbán for a two-day visit. This brings the total amount of MOL's investment in the project to $350 mln. The fresh capital will fund the construction of four new wells. Extraction can start in 2015, Hernadi added. The Kazakh region holds about 5% of MOL's total carbon hydrogen resources. Hernádi mentioned that the company is planning further investments in Kazakhstan. MOL currently holds 27.5% of an oil project in the country. After the first unsuccessful years, the Hungarian company took over the exploration necessary for the extraction of oil in the region.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.