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Sep 02, 2016

PM Orbán holds oil and gas talks with Oman

Hungary aims to boost Hungarian investments in Oman and serve as a gateway for Omani companies seeking opportunities in the EU

Prime Minister Viktor Orbán has met with Mohammed bin Hamad Al Rumhy, minister of Gas and Oil of the Sultanate of Oman, and Zsolt Hernádi, chief executive officer of MOL, to discuss cooperation between Oman Oil Company S.A.O.C and Hungary's MOL Group.

The Hungarian company has been participating in the exploration of Oman’s mineral reserves since 2007, and in 2008 Oman’s state-owned oil company acquired a 7 percent share in the MOL Group.

The strategic cooperation has opened up numerous opportunities for both parties, and the lenghty discussions took place in the Prime Minister's Office in the Parliament on Thursday.

Hungary aims to boost Hungarian investments in Oman, which it sees as a bridgehead to further opportunities in India and Africa. Hungary can also serve as a gateway for Omani companies seeking opportunities in the European Union.

The sides agreed that the swift conclusion of an inter-governmental agreement on avoiding dual taxation would be indispensable to further intensifying bilateral economic cooperation.

MOL has already carried out several extraction exploration projects in Oman and its experts have been regularly contributing to developing Oman’s oil industry.