Strategic Partnership Between Mol and Turkish Petroleum

The Mol Group and Turkish Petroleum Corporation (TPAO) signed a Memorandum of Understanding in Istanbul to work together as strategic partners in the field of hydrocarbon exploration and production, the oil and gas group has announced.

The statement says the companies are taking their cooperation in Turkey to a new level after successful joint international projects to date. With the Memorandum of Understanding, the Mol Group and Turkish Petroleum express their ambition to cooperate. They intend to contribute jointly with their experience, technical and commercial knowledge, technology and financial resources. In addition, the declaration also refers to further possible joint participation in exploration, field development and production projects in the Caspian Sea region, Turkey, North Africa and the Middle East as well as East-Central Europe. The MoU was signed in Istanbul by Zsolt Hernádi, Chairman and CEO of the Mol Group, and Ahmet Türkoglu, Chairman and CEO of Turkish Petroleum Corporation.

According to the statement, Zsolt Hernádi stressed that the partnership in the field of oil and gas exploration could open up new perspectives for the expansion of the company's international portfolio. It can contribute to the energy security and competitiveness of East-Central Europe. The Mol Group and Turkish Petroleum are joint venture partners in hydrocarbon exploration and production projects. In Azerbaijan, they cooperate in the Azeri-Chirag-Deepwater Gunashli (ACG) field, and in the Baitugan field in Russia.

The new strategic cooperation is in line with the Mol Group's updated strategy. With the aim of producing at least 90,000 barrels of oil equivalent per day over the next five years, the company's exploration and production division intends to further strengthen its international portfolio and develop strategic partnerships, Mol said in its statement.