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MOL Expands to Kazakhstan

MOL Hungarian Oil and Gas Rt has acquired 22.5% share of an oil field in North-Western Kazakhstan.

The 2,400 sq km area is a part of Federovskoye oil field. The transaction was made in a consortium with American First International Oil Company and Avery Worldwide Ltd. Exploration of the area will be finished by 2006. MOL has spent $ 9.4 million on the project and plans to invest further $ 18 million.

As news of the company's expansion came in yesterday MOL made strong gains on the BUX and posted the strongest turnover (Ft 2.6 billion) to finish the session 1.46% higher. In addition, it looks increasingly likely that the oil and gas company will sell its gas division.

(BBJ 02.vii.04)

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