Hungary’s MOL Invests $400 Million in Pakistan: A Success Story
Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó highlighted the successful upstream investments in Pakistan by Hungarian oil and gas company MOL during a joint press conference with his Pakistani counterpart, Ishaq Dar, in Islamabad. Szijjártó referred to the investments as the “biggest common success story” of the two countries’ cooperation.
MOL recently announced three new gas discoveries in Pakistan’s Tal block, with plans underway to develop a production strategy for these new findings. Over the past 25 years, MOL has invested over USD 400 million in Pakistan, making the company a key player in the country’s crude, propane butane gas, and gas production sectors.
In addition to the press conference, Hungarian and Pakistani business leaders convened at a forum in Islamabad to discuss economic ties between the two nations. Minister Szijjártó emphasized Hungary’s commitment to enhancing cooperation with Pakistan, noting that there were no political barriers hindering business collaboration.
Representatives from Hungarian companies specializing in security printing, animal welfare, cybersecurity, and ICT sectors attended the forum, showcasing Hungary’s expertise in these industries. Szijjártó also highlighted Hungary’s leadership in water management technology and the food industry, where strict regulations and a ban on GMO crops are enforced.
Furthermore, collaborations between Hungarian and Pakistani institutions, such as the Hungarian University of Agriculture and Life Sciences (MATE), are already in progress, particularly in seed planting developments. Hungarian medical technology companies, specializing in implants and ventilators, are making headway in the Pakistani market as well.
Hungary also extends 400 scholarships annually to Pakistani students for enrollment in Hungarian universities. Negotiations for a bilateral investment treaty are underway, with the potential for an agreement on civil aviation in the near future to facilitate direct flights between the two countries.
Overall, the discussions and collaborations at the forum signify a strong commitment from both Hungary and Pakistan to deepen economic and business relations for mutual benefit.
