Hungarian oil and gas company MOL Nyrt. (MOL.BU) said Friday that it will sign later Friday a cooperation agreement with India's Oil & Natural Gas Corp., or ONGC (500312.BY).
The two firms will sign a memorandum of understanding in the frame of the Hungarian Prime Minister's visit in India and in the presence of the Indian and the Hungarian Prime Ministers.
In the Memorandum of Understanding, MOL and ONGC will lay down the basis of a broader cooperation in exploration and production projects in India and elsewhere as well as in the field of technology transfer and professionals exchange.
Zoltan Aldott, executive vice president of MOL's Exploration and Production Division said: "We expect the first results soon."