MOL Group launches "Low Carbon and New Energies" organization within its Exploration and Production Division

Budapest/Zagreb, 3 July 2024 – MOL Group, a leading player in the energy sector in Central and Eastern Europe, unveils its latest endeavor in sustainable energy solutions with the creation of "Low Carbon and New Energies" branch within its Exploration and Production division. This new organization is based in Zagreb and marks a significant step forward in MOL Group’s commitment to deliver low carbon solutions within the industry.

With a dedicated focus on reducing carbon footprint and pioneering renewable energy initiatives, Low Carbon and New Energies branch address sustainability-related challenges and launch new business streams. The organization will spearhead multiple initiatives aimed at diversifying MOL Group’s energy portfolio, targets to reduce CO2 and methane emissions and to minimize environmental impact.

Commenting on the launch of Low Carbon and New Energies branch, Zsombor Marton, Executive Vice President of MOL Group Exploration and Production stated: "We recognize the need for sustainable energy solutions to address the challenges of our times. We will build on our century-long knowledge and subsurface expertise in the new and non-traditional business lines, in order to contribute to MOL Group’s decarbonization efforts laid down in the recently updated “Shape Tomorrow strategy”.  The establishment of the Low Carbon and New Energies organization underscores our commitment to environmental responsibility. We are excited to embark on this journey towards a more sustainable future."

Among the key projects under Low Carbon and New Energies' umbrella are:

1. Geothermal Energy Production: Leveraging advanced technology and expertise, MOL Group’s Exploration and Production will harness the Earth's natural heat to generate clean and renewable energy. This initiative underscores MOL Group’s dedication to sustainable energy solutions. In the last months two geothermal exploration licenses were awarded to MOL in Hungary, and two to INA in Croatia.
2. Lithium Production Pilot Project: Recognizing the growing importance of lithium in the transition to electric mobility, MOL Group is embarking on a pilot project to explore sustainable methods of lithium extraction in Pusztaföldvár, Hungary. Testing of several R&D technologies will start this year MOL will be testing environmentally friendly solution: it uses the underground water that is already being mined for oil production. After the extraction of lithium, water will be re-injected in a circular way.
3. Carbon Capture and Storage (CCS): MOL Group is committed to mitigate greenhouse gas emissions through the implementation of CCS technologies. By storing carbon dioxide underground, MOL aims to significantly reduce its environmental footprint. Currently we are launching feasibility studies for several locations across Hungary and Croatia. Furthermore, we have started discussions with potential partners across the whole CCS ecosystems.
4. Methane Emissions Reduction: As part of its commitment to environmental stewardship, MOL Group is implementing measures to minimize methane emissions across its operations, in order to be fully in line with the upcoming EU regulations. Through advanced monitoring and control systems, the company seeks to enhance operational efficiency while reducing environmental impact.

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Press contact:

@: internationalpress@mol.hu

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 9 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.

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