Equity 2 June 2023, 12:15pm

Hungary Mol had USD 2 billion investments in Azerbaijan

Portfolio

Hungarian energy group Mol has invested two billion U.S. dollars in Azerbaijan so far, Zsombor Marton, Executive Vice President (Exploration and Production), said at the 28th Baku Energy Forum.

Over the past three years of its activity in Azerbaijan, Mol investments amounted to $2 billion, mainly in the oil and gas sector,

said Marton.

"We are interested in expanding cooperation with SOCAR (State Oil Company of Azerbaijan - Ed.) within the framework of existing projects (development of the Azeri - Chirag - Gunashli field block and the Baku - Tbilisi - Ceyhan oil pipeline - Ed .), as well as in within other projects."

We look forward to long-term cooperation.

Marton said that currently Mol refineries can choose which oil to process, “including high-quality Azerbaijani oil.”

"Our refinery in Slovakia used Russian oil as raw material for processing. Now for this facility and our other refineries in Central Europe with a total capacity of 14 million tons, we import oil from Azerbaijan.

This allowed our facility in Slovakia to reduce dependence on a single supplier,

Marton said.

Mol had oil delivered for the first time this year from the Azeri-Chirag-Guneshli block of fields located in the Azerbaijani sector of the Caspian Sea to its own Slovnaft refinery in Slovakia. The company can process the Azeri Light grade on a regular basis, Slovnaft reported in April.