President of LUKOIL Vagit Alekperov and General Director of Hungarian oil and gas company MOL Zsolt Hernádi have signed a Memorandum of Understanding in Budapest.

The document confirms obligations of the parties under the existing long-term contract concluded in 2017. In addition, two companies have agreed to extend the term of the contract for Russian oil supplies via the Druzhba pipeline to Hungary and Slovakia through June 30, 2025.

LUKOIL and MOL have been cooperating in the area of oil and petroleum product supplies since 2003.

About LUKOIL

LUKOIL is one of the largest oil & gas vertical integrated companies in the world accounting for over 2% of crude production and circa 1% of proved hydrocarbon reserves globally. LUKOIL enjoys a full production cycle to control the entire value chain from upstream to downstream. LUKOIL employs over 110 thousand people who join their efforts and talents to secure the Company’s market leadership.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 27,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 14 countries. MOL Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia, and owns a network of more nearly 2,000 service stations across 11 countries in Central & South Eastern Europe.