MOL Group invests $2 billion in Azerbaijan's oil, gas sector

Executive Vice President of MOL Group Zsombor Marton said that the company has invested $2 billion in the oil and gas sector of Azerbaijan.

Marton made the remarks while addressing the Baku Energy Week on June 1, Trend reports.

According to him, the company invested in the ACG project.

"We see the potential for long-term cooperation with Azerbaijan. Today, our refineries can choose what oil to process, including high-quality Azerbaijani oil," he said.

Marton said that MOL Group believes in long-term cooperation with Azerbaijan not only within the ACG project but also in a number of other areas.

According to him, it includes the exchange of experience and expertise in the processing of household waste, and recycling.

MOL Plc., also commonly known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary.

Members of MOL Group include among others the Croatian and Slovak formerly state-owned oil and gas companies, INA and Slovnaft.

MOL is Hungary's most profitable enterprise, with net profits of $770 million in 2019. The company is also the third most valuable company in Central and Eastern Europe and placed 402 on the Fortune Global 500 list of the world's largest companies in 2013 with revenue equal to one-fifth of Hungary's GDP at the time.