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The Hungarian head of diplomacy said preparatory work is underway, laboratory research in the chemical industry is showing good results, and the government is currently negotiating with MOL on how much state support the cabinet can provide for investment. Likewise, he reported that the process developed by Mol, which significantly improves the efficiency of oil extraction – also outstanding and competitive in the international market – will be applied to the seventh largest oil field in the world, located in the Republic of Russia.
In the spirit of openness to the East, economic, trade and energy cooperation with Russia plays an important role in the success of Hungary’s foreign economic efforts, Péter Szijjártó emphasized.
As highlighted, the Tatar Republic is one of the richest, fastest growing and most successful republics in Russia, producing 40 million tons of crude oil annually.
The republic’s oil reserves exceed 1.3 billion tons – explained Péter Szijjártó, then emphasized that Tatarstan plays an important role in terms of energy supply for all of Europe.
The foreign minister described the relationship between the two countries as special, recalling that Hungary is the only EU member state that has representation in the Republic of Tatarstan.
Its capital, Kazany, can be reached by direct flight from Budapest, and there are many collaborations between the universities of the two countries, including the healthcare industry.
According to him, for the Republic of Tatarstan, Hungary is the sixth most important trading partner, after Moscow and its region, the second most important Russian partner for the Hungarian side: last year, the concept of trade between the parties exceeded 500 millions of dollars.
Péter Szijjártó also spoke about the emergence of a new global economic system as a result of the coronavirus epidemic: large companies, now becoming regional multinationals, have enormous opportunities and can be the winning countries that can react quickly in the big markets international and have a competitive regional impact. Business.
Therefore, the international and regional expansion of Mol is extremely important for the Hungarian government, he stressed.
Praising the bilateral ties, Albert Karimov spoke of a 15 percent increase in goods trade in 2019 compared to 2018, then welcomed the “even closer relationship” between Mol and Tatneft. He reported that a discussion was held with his Hungarian partner about the potential for car and machine production, gasoline vehicle production and Hungarian companies wishing to invest in the region.
The agreement was signed by Oszkár Világi, Managing Director of Innovative Companies and Services of the MOL Group, and Nail Maganov, CEO of Tatneft Zrt.
According to the information provided to Mol MTI, the company has been present in Russia since 2003 in the field of hydrocarbon exploration and production. The rubber bitumen plant to be built together will use technology developed by MOL.
The new plant will help to cover more and more roads in the Republic of Tatarstan with good quality, weather resistant and long lasting rubber bitumen asphalt. They added that the excess oil extraction (EOR) process is “particularly suitable” for increasing production from oil fields with particularly high temperatures and / or salinity. Thus, it extends the useful life of depleted fields and enables surplus oil production using existing infrastructure. Under the agreement, this innovative technology will be used in the Romansinskoye oil field in the Tatar Republic, they wrote.
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