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Azerbaijani-Hungarian friendship – Hungarian MOL bought oil fields and pipelines
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The Hungarian Oil and Gas Public Limited Company, known as MOL Group, bought an oil field and pipelines in Azerbaijan for 1.57 billion dollars.
MOL is the biggest Hungarian enterprise in the world. Members of MOL Group include, among others, the Croatian and Slovakian formerly state-owned oil and gas companies, INA and Slovnaft. MOL is Hungary’s most profitable enterprise, with net profits of $1.1 billion in 2018. With such success, it is also
the third most valuable company in Central and Eastern Europe
and placed 402nd on the Fortune Global 500 list of the world’s largest companies in 2013 with revenue equal to one-fifth of Hungary’s GDP at the time.
It is part of MOL’s strategy to expand in the Central European region and even other parts of the world. For example, on March 19, it was announced that it found oil in the Norwegian North Sea. Now, it bought the shares in the ACG oil field and the BTC pipeline in Azerbaijan. They did the transaction worth 1.57 billion dollars
together with Chevron Global Ventures Ltd. and Chevron BTC Pipeline Ltd.
Based on their agreement, they got 9.57 pc in the Azerbaijani-Chirag-Gunashli (ACG) oil field and 8.9 pc in the Baku-Tbilisi-Ceyhan (BTC) pipeline. That line connects the oil field with Ceyhan, which is near the Mediterranean Sea, 24 reported.