MOL Group and Turkish Petroleum Corporation join hands to deepen oil and gas exploration cooperation and seek common future development

Recently, MOL Group and Turkish Petroleum Company (TPAO) signed a memorandum of understanding in Istanbul, marking the establishment of a closer strategic partnership in the field of oil and gas exploration and production. This cooperation is based on the successful development of a number of international joint projects between the two sides to further expand the scope of cooperation and jointly explore new exploration opportunities.

According to the memorandum of understanding, MOL Group and Turkish Petroleum Company will jointly use their rich experience, technology, business knowledge and advanced technical and financial resources to carry out oil and gas exploration and production projects in Turkiye and other potential areas. The scope of cooperation between the two parties is not limited to Turkey, but also covers the Caspian Sea region, North Africa, the Middle East, and Central and Eastern Europe, participating in exploration, oil field development and production projects.

The signing ceremony of the MOU was held in Istanbul and was attended and signed by Zsolt Hernádi, Chairman and CEO of MOL Group, and Ahmet Türkoğlu, Chairman and CEO of Turkish Petroleum. Zsolt Hernádi said: "I am very pleased to see that the cooperation between the MOL Group and Turkish Petroleum has reached a new level. Our strategic partnership not only reflects the excellent cooperation on international exploration and production projects, but also contributes to the security of energy supply and competitiveness in Central and Eastern Europe. In an era of geopolitical uncertainty and rapid change, such strategic partnerships are more valuable than ever."

The MOL Group and the Turkish Oil Company are already collaborating as joint venture partners on hydrocarbon exploration and production projects in the Azeri-Chirag Deepwater Gunashli(ACG) field in Azerbaijan and the Baitugan field in Russia. This new strategic partnership will further enhance the competitiveness of both parties in the international oil and gas market and lay a solid foundation for future joint success.

This cooperation is also in line with the MOL Group's recently updated strategy "SHAPE TOMORROW". In order to maintain a production level of no less than 90 thousand barrels per day in the next five years, MOL Group's Exploration and Production Department is working to strengthen its international portfolio and establish strategic partnerships. MOL Group is an international integrated oil, gas, petrochemical and consumer goods retail company with more than 100 years of experience, operating in more than 30 countries and 25000 international employees. The cooperation with Turkish Petroleum Company will further enhance MOL Group's position and influence in the international oil and gas market.