Hungarian energy company MOL has secured approval to expand its oil and gas extraction operations in western Kazakhstan, following a new agreement with the Kazakh government. To date, MOL has invested 80 billion forints in the region, producing 300 million cubic meters of gas from a field where it operates five wells. The agreement supports MOL’s participation in developing additional oil and gas fields, leveraging its advanced extraction technologies to tackle challenging reserves.
Hungarian Foreign Minister Péter Szijjártó announced the deal at a press conference, highlighting the emergence of a broader Kazakh-Chinese-Hungarian strategic partnership. This collaboration could enable MOL to participate in the development of a large, technologically complex field, further boosting energy production.
The partnership also opens doors for cooperation in nuclear energy. Szijjártó revealed that dry cooling technology, developed by Hungarian company MVM, is being considered for cooling future nuclear power plants in Kazakhstan. This follows a recent referendum in Kazakhstan approving the construction of such facilities.
In addition, Hungarian firm Globalia has been approved to build solar power plants in several regions of Kazakhstan. Key initiatives under the partnership include the construction of a multimodal cargo terminal in Budapest, increased supplies of Kazakh oil to Hungary, and the transport of uranium and critical minerals.
To support these projects, a joint investment fund will be established, strengthening energy and infrastructure ties between the two nations.
