ONGC Plans MOL Ventures

India’s Oil and Natural Gas Corporation (ONGC) plans to partner with Hungary’s MOL to pursue joint exploration and production ventures in Europe, the CIS countries and the Middle East.

Through the partnership, the state-owned ONGC will be able to access opportunities in Central and Eastern Europe where MOL has a presence, according to The Economic Times.

MOL, a Hungarian oil major, will consider further partnerships with ONGC after completing the processes of acquiring a 35% stake in ONGC’s onshore exploration block in Himachal Pradesh.

The markets in CIS, Middle East and North Africa could also be used by ONGC to make its own investments.

ONGC might also be able to participate in MOL’s operational ventures in countries such as Kazakhstan, Russia, Yemen, Angola, Egypt and Syria.