Eco-First and Mol sign a service contract

Eco-First Ltd, a wholly-owned subsidiary of Alteo, and Mol Plc. have signed a long-term service contract for the utilisation of high inert natural gas, Alteo Energy Services Plc. announced on the website of the Budapest Stock Exchange (BSE) on Monday.

Under the 10-year contract, Eco-First will be responsible for preparing the high-inert gas extracted by Mol for road transport, transporting it by road, and extracting it from Mol's site and transporting it to its combustion plant.

In order to provide this service, Eco-First is investing around HUF 820 million, including the purchase of the equipment needed for gas compression, transport and off-gas extraction and the execution of the necessary construction works at the Mol site.

The new contract will create a new technological opportunity in the field of energy recovery of high inert gases present in Mol's gas fields in Hungary.

The utilization of high inert gas in Hungary will reduce Hungary's dependence on natural gas imports, as it will allow the extraction and utilization of alternative gas resources available in Hungary, they said.

According to the newly signed contract, Alteo will start service activities from November 1, 2024, and will continue until October 31, 2034.