Libya’s National Oil Corporation has inked a cooperation deal with Hungary’s MOL Group, opening the door to potential collaboration across Libya’s energy landscape.
The memorandum of understanding, signed in Budapest by MOL CEO Zsolt Hernádi and NOC Chairman Masoud Suleiman, creates a framework for cooperation spanning hydrocarbon exploration and production, technology development, oilfield services, and crude oil supply and trading.
Hernádi emphasized that Libya’s oil and gas sector continues to be a powerful growth engine, noting the deal could expand MOL’s international footprint while delivering economic benefits for both parties.
MOL Group isn’t a newcomer to the region—the company already operates exploration and production activities in nine countries with active production in eight, including Egypt, Iraq, and Azerbaijan.
Source: libyaobserver.ly