Hungarian oil and gas company Mol
plans to sign a co-operation agreement with Indian Oil and Natural
Gas Corporation Limited (ONGC) on Friday, on the last day of Prime
Minister Ferenc Gyurcsany’s official visit to India.
Under the agreement, MOL and ONGC will co-operate on exploration
and extraction of oil and natural gas in India and abroad, as well
as oil production and delivery and making liquefied gas.
"We see this agreement as the first step on a road to long-term
co-operation between the two companies in exploration and production
in both India and abroad," said head of MOL’s Exploration and
Production division Zoltan Aldott. He said that hopefully the
agreement would produce visible results in the near future.
State-owned ONGC is active in exploration and production in
India and foreign countries as well as in oil refining and delivery,
gas extraction and manufacture of petrochemicals.
Prime Minister Ferenc Gyurcsany attended a Hungarian-Indian
business forum in New Delhi on Friday.
The key to the success of India’s economy is that the country
has given appropriate answers to the challenges of globalisation: it
has adjusted central controls to changing circumstances, opened up
its markets and has given the green light to private enterprise,