February 17, 2006	Friday	Muharram 18, 1427

ISLAMABAD, Feb 16: MOL, one of the largest oil and gas group of the central and eastern European region, which operates in Pakistan through its subsidiary MOL Pakistan Oil and Gas, has declared an operating profit of $1.5298 billion for 2005. In a statement issued here on Thursday, the company’s international business has posted 40 per cent growth in the profit for last year.

The group’s net profit increased by $1.228 billion, primarily reflecting its outstanding international operating performance.

MOL in Pakistan is credited with two major hydrocarbon discoveries in Thal Block of NWFP. The company is already supplying 50 million cubic feet per day natural gas from its Manzalai-1 (Gurguri) Well to Sui Northern Gas Pipelines Ltd. (SNGPL).

The group’s exploration-production operating profit in the closing year increased by $527.3 million, as strong increase in the international crude production and higher transfer prices compensated for the lower domestic hydrocarbon production, increasing royalty charges on Hungarian and Russian operations and impairment on certain domestic fields.