Hungary’s oil major MOL said on Thursday it will sell a 49% stake in its
Russia-based wholly-owned oil exploring unit BaiTex LLC to the state-owned
Turkish Petroleum Corporation, TPAO, in line with its portfolio
optimisation.
MOL will keep 51% of BaiTex, which holds hydrocarbon
licences for Baituganskoye field and Yerilkinsky block in Russia’s Volga-Ural
region, and will remain as the operating shareholder, the Hungarian company said
in a press release.
The deal is expected to be closed next
month.
TPAO and MOL are in talks to identify other potential upstream
co-coperation opportunities, MOL added.