MOL Group and KazMunayGas sign oil trade agreement

MOL Group continues to diversify its oil supply in the region after the company imported 85,000 tons of CPC oil and signed a commercial agreement with KazMunayGas (KMG), the national oil company of Kazakhstan, according to a press release.The collaboration between MOL and KMG began in 2004 when the two companies signed a cooperation agreement to capitalize on opportunities in Kazakhstan. The latest oil trade agreement further strengthens the security of supply for the Central and Eastern European region.A CPC (Caspian Pipeline Consortium) oil shipment has arrived from the port of Novorossiysk to Omisalj, Croatia. The 85,000 tonnes of CPC oil, mainly Kazakh crude, contributes to the increase in the volume of seaborne oil reaching the region. Kazakh oil plays a key role in MOL Group's supply diversification program and is one of 14 types of oil already tested at the Bratislava refinery and regularly imported into the region."MOL Group has been working for over a decade to increase the capacity of the Adria pipeline and associated infrastructure, to increase the flexibility of refining technology and to establish new, secure trade routes. Identifying reliable suppliers and alternative types of high-quality oil is an essential part of this process. We are pleased to strengthen the collaboration with our partners in Kazakhstan, which is based on a successful partnership of over two decades. The trade agreement represents an important milestone for the entire Central and Eastern Europe region and reflects our commitment to both reliable and fair partnerships and continuous problem-solving," said Gabriel Szabo, Executive Vice President of the Downstream Segment of MOL Group, quoted in the press release.Recently, MOL Group also signed a commercial agreement with MVM, through which it imports 160,000 tons of oil from Azerbaijan annually, equivalent to 1.5% of the total crude oil volume processed by MOL. As with Kazakh oil, MOL Group has been using Azerbaijani oil for several years. In 2020, the company acquired a stake in the Azeri-Chirag-Gunashli (ACG) oil field, from where it delivered 5 million barrels of oil to the region last year.MOL Group is an international integrated oil, gas, petrochemical and retail company, headquartered in Budapest, Hungary. It has operations in over 30 countries, a workforce of 25,000 employees worldwide and over 100 years of industry experience. MOL Group controls three refineries and two petrochemical units with integrated supply chain management in Hungary, Slovakia and Croatia. The company also has a network of almost 2,400 service stations in 10 countries in Central and South-Eastern Europe. Currently, production activities are carried out in 8 countries and exploration in 9 countries.