KazMunayGas, MOL Group to expand cooperation in oil exploration and production

ASTANA. Nov 21 (Interfax) - Kazakhstan's KazMunayGas (KMG) and Hungary's MOL Group have signed an agreement to expand cooperation in hydrocarbon exploration and production and to carry out promising petrochemical projects, KMG's press service said.

The document was signed in Budapest by Askhat Khasenov, CEO of KMG, and Zsolt Hernadi, CEO of MOL Group.

KMG will give priority to attracting technologies and studying MOL Group's experience in order to improve production efficiency. "It is planned to use advanced solutions to reduce production costs and improve overall production efficiency," the statement said.

The parties also agreed to explore the possibility of implementing a project to produce high value-added goods.

MOL Group is a leading integrated oil and gas company in Central and Eastern Europe, headquartered in Budapest. The company operates in more than 30 countries and employs 25,000 people worldwide. MOL's exploration and production activities are backed by 80 years of experience in the hydrocarbon field.

KMG is Kazakhstan's national operator for the exploration, production, processing and transportation of hydrocarbons and represents the state's interests in the oil and gas industry.