Azerbaijan leads in Hungarian MOL’s capital investments

Azerbaijan ranked first in terms of capital investments made by the Hungarian MOL Company in the first half of 2024, Report informs, citing the company.

According to the company’s report for January-June 2024, MOL’s total capital expenditures for projects worldwide (including Hungary, Croatia, Iraqi Kurdistan, Pakistan, and Azerbaijan) amounted to 53.4 billion Hungarian forints (approximately $147.1 million).

More than 90% of these investments, or 50 billion forints ($138 million), were allocated to the Central Eastern European region and Azerbaijan.

Specifically, MOL’s capital expenditures in Azerbaijan during this period totaled 24.1 billion forints ($66.7 million), which is a 1.2% decrease compared to the same period in 2023.

Of this amount, 23.3 billion forints ($64.5 million) were directed towards development, 0.3 billion forints ($830,000) towards exploration, and 0.5 billion forints ($1.38 million) towards other expenses.

Azerbaijan accounted for 45% of MOL’s total global investments during the reporting period, making it the top recipient of the company’s capital investments.

Croatia followed in second place with 13.7 billion forints ($37.9 million), and Hungary was third with 12.2 billion forints ($33.8 million).