MOL Opens Middle East Regional Office in Erbil

Hungary's MOL has opened its new regional office in Erbil, in the Kurdistan region of Iraq, the firm reported late Tuesday.

MOL said that the group regional office will be responsible for controlling its operations in the Middle East and Africa. The firm added that Kurdistan plays a significant role in its strategy in the Middle East and Africa region, "contributing greatly" to its international exploration and production portfolio.

MOL Executive Vice President of Exploration and Production Alexander Dodds comments in a company statement:

"This new, centralized organization set-up allows us to rationalize upstream planning and decision making processes in line with the group E&P strategy and thus increases our efficiency."

MOL Corporate Affairs Senior Vice President Szabolcs Ferencz added:

"We consider this step as a vote for political stability of a democratic Kurdistan Region as well as a significant commitment by MOL Group to a long-term presence in the Kurdistan Region of Iraq."