Qatar Petroleum International (QPI) and MOL Hungarian Oil and Gas Public Limited Company (MOL Plc.) of Hungary today signed a Memorandum of Understanding for the purpose of developing alliance to pursue business opportunities.

The document was signed on behalf of QPI by H. E. Abdulla Bin Hamad Al-Attiyah, Deputy Premier, Minister of Energy & Industry, Chairman and Managing Director of Qatar Petroleum and on behalf of MOL Plc. by Mr Zoltán Áldott, Executive Vice President.

The MoU is a natural result of the close cooperation between Qatar Petroleum and MOL Plc. dating back to the mid-90s, when MOL Plc. – together with its partner – concluded offshore exploration project in the State of Qatar. The time has now come to join forces and explore further opportunities in third countries, specially in Central Europe, CIS countries, North Africa and the Middle East.

The two contracting parties are determined to pursue opportunities of common interest which would benefit most from their combined capabilities, the primary business objective being to maximize for both parties the economic and strategic advantages of this co-operation.

The cooperation with MOL Plc., the leading independent integrated oil and gas company in Central-Eastern Europe with 70 years of experience in exploration and production, provides an excellent opportunity for QPI to increase its profile and visibility in the European upstream and downstream market. Specific fields of cooperation may be identified as new and/or existing natural gas and crude oil exploration, field development and production, including Enhanced Oil Recovery (EOR) and Improved Oil Recovery (IOR), petrochemical projects, research, development of environmentally friendly energy solutions.

This MoU formalizes the existing cooperation and presents the legal framework for a longstanding strategic cooperation with the view to further strengthening the cordial and excellent relationship existing between the State of Qatar and the Republic of Hungary.