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According to Sinochem New Network, recently the Hungarian MOL Group and the Libyan **Oil Company signed a new memorandum of understanding on strategic partnership in Budapest. The agreement was signed by Zsolt Hernádi, Chairman and CEO of MOL Group, and Masoud Suleman of Libya’s National Oil Company, with the aim of establishing a comprehensive framework for cooperation covering oil and gas exploration and production, technological innovation, oilfield services, and crude oil trading. According to the memorandum, the two parties will exchange technical and business information, and jointly assess potential projects in Libya, including upstream exploration opportunities and oil field development technologies. The agreement also includes cooperation on crude oil supply and trade. Hernádi, chairman of the MOL Group, stated that from the perspective of supply security and energy sovereignty, diversifying energy sources is crucial, especially for inland **regions. This cooperation also includes rebuilding educational and scientific ties between the two sides. This agreement is in line with MOL’s long-term strategy to maintain a daily oil equivalent production volume of at least 90,000 barrels over the next five years. For Libya, this move marks a renewed strengthening of relations with European operators as it seeks to stabilize production, upgrade its facilities, and attract international expertise.