MOL and the Libyan Investment Authority signs a Memorandum of Understanding

On 17th December 2007 the Libyan Investment Authority and MOL Hungarian Oil and Gas Plc have signed a Memorandum of Understanding for joint investments in the upstream and downstream sectors of the petroleum industry.

The Libyan Investment Authority is an investment organisation that was established in March 2007 to manage the financial assets entrusted to it by the State, to deliver high-quality investment returns and to create sustainable and diversified sources of revenue. MOL Hungarian Oil and Gas Plc is a leading integrated energy company in Central Europe, with operations in more than 40 countries and with a market capitalisation of over USD 15 billion.

The Memorandum of Understanding will provide a solid basis to combine the financial, commercial and technical capabilities of the LIA and MOL.