Turkish Petroleum (“TP”), national oil company of the Republic of Turkey, acquired 49% of shares in MOL’s BaiTex LLC, which is the holder of the hydrocarbon licenses for Baituganskoye field and Yerilkinsky block in the Volga-Ural region, Russia. The final completion of the transaction, which constitutes TP’s first share acquisition, is expected to occur within the next month.
TP and MOL, Hungarian oil and gas company will operate together in Russia at BaiTex LLC’s production and exploration license areas.
Besim Sisman, CEO of TP, urged that;
“It is a very good start for a lasting and strategic partnership between two companies. This transaction will help TP and MOL grow further and become more active players in the oil and gas sector. TP is also keen to get partnerships with other players in the industry. Our main strategy for international activities is to establish consortia with the major companies, sharing risks and transferring know-how and technology. To fulfill this goal, we have been conducting international activities all over the world. Along with the experience that we have in Russia, we will be seeking for new investment opportunities abroad.”
TP and MOL are planning to cooperate further in Russia to develop business opportunities in accordance with the strategic partnership agreement signed between the parties.
TP, national oil company of the Republic of Turkey, headquartered in Ankara, was founded in 1954 with the responsibility of being involved in hydrocarbon exploration, drilling, production and marketing activities. It has now three compounds in Turkey which are located in Batman, Adiyaman and Thrace, with approximately 5,000 staff and foreign branches in six countries. With 60 years` experience in the hydrocarbon field, TP has been continuing to develop business opportunities in hydrocarbon-rich regions such as Caspian Region, Russian Federation, Middle East, Africa and Latin America. In addition to upstream projects, TP is also engaged in natural gas storage, pipeline projects and oil distribution.
MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 30,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in seven countries and exploration assets in 12 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.