Hungary-based oil and gas company MOL Group has unveiled its latest endeavour in sustainable energy solutions with the creation of a Low Carbon and New Energies branch within its Exploration and Production division.
This new organization is based in Zagreb, Croatia, and according to MOL Group, it will spearhead multiple initiatives aimed at diversifying the group’s energy portfolio. It also aims to reduce CO2 and methane emissions and minimize environmental impact.
Key projects under the Low Carbon and New Energies umbrella include geothermal energy production, lithium production pilot project, carbon capture and storage (CCS) and methane emissions reduction.
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.”
To remind, in the first quarter of 2024, MOL Group inaugurated a 10-megawatt (MW) capacity green hydrogen plant in Százhalombatta, Hungary, to reduce the carbon footprint of the Danube Refinery.
At the time, MOL Group said the facility would be able to produce approximately 1,600 tonnes of green hydrogen per year and would use a 10 MW electrolysis unit from U.S. Plug Power.