SOCAR exploring possibility of joint foreign activities with Hungary’s MOL

SOCAR plans to jointly participate with Hungary’s MOL in oil and gas production projects in third countries, Report informs referring to a source in Azerbaijan’s oil and gas market familiar with the situation.

“SOCAR plans, together with MOL, to participate in international exploration and production projects (Upstream). Various regions are being considered - both Europe and Africa,” the source noted.

The source added that SOCAR’s business development department is dealing with this issue.

SOCAR and MOL are cooperating within the project to develop the Azeri-Chirag-Gunashli field block, in which the Hungarian company has a 9.57% stake. MOL also has an 8.9% stake in BTC Co, which regulates the activities of the Baku-Tbilisi-Ceyhan oil pipeline.

In addition, MOL purchases Azerbaijani oil for processing at its refineries in Europe.