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MOL planning a further $250 mln investment in Kazakh oil project

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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.

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