MOL Group Refineries In Hungary And Slovakia Receive Azerbaijani-Chirag-Gunashli Crude Oil

2024-06-06 06:08:49

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 6. Oil from Azeri-Chirag-Gunashli (ACG) is now being supplied to MOL Group's refineries in Hungary and Slovakia, Senior Vice President for E&P Operations at MOL Group Ádám Homonnay said during the "Exploration and Production Opportunities in the Caspian Region" panel at the 29th Baku Energy Forum, Trend reports.

"With oil already reaching our refineries in Hungary and Slovakia, ACG is vital to our operations in Azerbaijan. Maintaining long-term ties in Azerbaijan as a trusted and productive partner is MOL's top priority," he noted.

To note, BP Exploration (Caspian Sea) Ltd. operates on behalf of the contracting parties of the ACG Production Sharing Agreement.

The stakes in ACG are as follows: bp (30.37 percent), SOCAR (25.0 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh (2.31 percent).

The Baku Energy Forum is supported by the Ministry of Energy of Azerbaijan, with the State Oil Company of Azerbaijan Republic (SOCAR) as the main partner. For the first time, the forum is being held with the support of OPEC.

More than 600 delegates are participating in the forum, which started on June 5. In addition to Azerbaijan, representatives from Australia, Austria, Belarus, Belgium, Bulgaria, the UK, Hungary, Georgia, Israel, India, Italy, Kazakhstan, Qatar, China, Latvia, Monaco, the Netherlands, Norway, the UAE, Russia, Romania, Saudi Arabia, Slovenia, the US, Uzbekistan, Ukraine, Finland, France, the Czech Republic, Switzerland, Sweden, and Japan will also be present. This year, the forum has a record number of speakers - 81.

The forum's agenda includes critical energy issues for both Azerbaijan and the entire Caspian region. Key points on the agenda focus on reviewing and financing projects related to energy security, the energy transition, and green energy.

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