MOL Hungarian Oil and Gas Plc has signed a Memorandum of Understanding with ONGC on 18 January 2008.

ONGC (Oil and Natural Gas Corporation Limited) is an Indian national oil and gas company involved in exploration and production of hydrocarbons in India and worldwide and having interest in refining and transmission of products, natural gas and petrochemicals businesses.

In the Memorandum of Understanding MOL and ONGC have laid down the basis of a broader cooperation in exploration and production projects in India and elsewhere, as well as in the field of technology transfer and professionals exchange.

From MOL's side Zoltán Áldott, Executive Vice President of the Exploration and Production Division signed the contract and he commented: "This Memorandum of Understanding is considered to be a first step on the way to a long term cooperation of the two companies in the Indian and international exploration and production. Following a longer preparatory work we expect the first results soon."

Tags: ONGC