Hungary-based oil and gas company MOL Group has announced the launch of a new Low Carbon and New Energies branch within its Exploration and Production division. This initiative, headquartered in Zagreb, Croatia, represents a significant step in MOL Group’s commitment to sustainable energy solutions.
The new organization aims to diversify MOL Group’s energy portfolio and reduce CO2 and methane emissions. Key projects under this branch include geothermal energy production, a lithium production pilot project, carbon capture and storage (CCS), and methane emissions reduction.
Zsombor Marton, Executive Vice President of MOL Group Exploration and Production, commented: “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 new and non-traditional business lines to contribute to MOL Group’s decarbonization efforts outlined in the recently updated ‘Shape Tomorrow strategy.’”
Marton further emphasized that the establishment of the Low Carbon and New Energies organization underscores MOL Group’s commitment to environmental responsibility and their excitement about embarking on a journey towards a more sustainable future.
Earlier this year, in the first quarter of 2024, MOL Group inaugurated a 10-megawatt (MW) capacity green hydrogen plant in Százhalombatta, Hungary. This facility, aimed at reducing the carbon footprint of the Danube Refinery, is expected to produce approximately 1,600 tonnes of green hydrogen per year using a 10 MW electrolysis unit from U.S.-based Plug Power.
MOL Group’s ongoing efforts in sustainable energy highlight its dedication to reducing environmental impact and embracing innovative energy solutions.
