Qatar Petroleum's international arm Qatar Petroleum International (QPI), has signed an MoU with Hungarian oil and gas major MOL to jointly develop upstream and downstream hydrocarbon and petrochemical projects worldwide. The two companies plan to jointly explore business opportunities across the Gulf, Central Europe and other developing markets. As per the law of the land, QPI can not pursue business opportunities within Qatar, which is a QP portfolio. However, the tie-up with QPI will not bar MOL from entering Qatar to seek business opportunities.
With this agreement, both QPI and MOL will jointly look at the existing or new natural gas and crude oil exploration activities, field development and production including enhanced oil recovery and improved oil recovery, petrochemical projects and research and development of environmentally friendly energy products.