BUDAPEST, Hungary – Zsolt Hernádi, the president of the Hungarian oil and gas firm Mol, praised his meeting with Kurdistan region President Masoud Barzani Monday, said since 2007 Mol had invested around $1 billion in its Kurdistan operations and would seek to double that amount.

“We had a very, very fruitful meeting with Mr. President Barzani and his delegation,” Hernádi told Rudaw. “We have touched the important and very, very relevant issue, how to develop further our presence in Kurdistan, agreeing to our plans, more than $1 billion will be invested again.”

He added that negotiations for future investments are still ongoing between Mol and the Kurdistan Regional Government, but this was a normal procedure, and he anticipated a future formal agreement signing in Erbil. Mol, Hernádi said, is seeking to develop three future upstream projects in Kurdistan, and these would include production sharing agreements with the KRG.

Rudaw