The National Oil Corporation (NOC) has signed a strategic memorandum of understanding with MOL Group, marking another step in Libya’s efforts to deepen international partnerships and strengthen its oil and gas sector. The agreement was signed in Budapest by MOL Group Chief Executive Zsolt Hernádi and NOC Chairman Masoud Suleiman. Hernádi described Libya’s oil and gas sector as a strong driver of growth, noting that the partnership could expand MOL Group’s international portfolio while generating mutual economic benefits. MOL Group currently operates exploration and production assets in nine countries, with active production in eight, including Egypt, Iraq, and Azerbaijan. Libya National Oil Corporation, NOC Libya, MOL Group Hungary, Libya oil sector, Libya gas sector, Libya Hungary relations, energy cooperation MoU, Libya oil partnerships, MOL exploration production, Libya hydrocarbons, Libya energy recovery, Tripoli oil sector, Budapest energy talks, Libya crude oil trade, Libya oilfield services, European energy investment Africa, Libya upstream oil, Libya international oil companies, MOL Egypt Iraq Azerbaijan, Libya oil diplomacy, North Africa energy, Libya state oil company, MOL international portfolio, Libya oil production, Libya energy strategy, Libya gas exploration, oil and gas cooperation, Africa Europe energy ties, Libya foreign investment oil, NOC agreements, Libya hydrocarbons development, MOL Group CEO Zsolt Hernádi, NOC chairman Masoud Suleiman, Libya energy news, Africa oil sector, Mediterranean energy security, Libya oil infrastructure, Libya upstream sector, international oil partnerships, Libya economic recovery

Source: The North Africa Journal February 01, 2026 15:19 UTC