NIS and RAG signed a contract for exploration of oil and gas in Hungary

December 21, 2011

Magazine "Ekonomist"

NIS and Austria's RAG in Vienna signed agreement on oil and gas exploration in the southern part of Hungary. NIS will get 50 percent of future production in Kiskunhalas which is located west of Szeged. CEO of NIS, Kiril Kravchenko said that the value of geological surveys was around 10 million EUR that NIS would invest in Hungary, while in the next five to seven years the two companies together would invest one hundred million euros in the project. The agreement was signed by Kravchenko and RAG Hungarian executive directors Ernst Bruckschwaiger and Karoly Varga.