BUDAPEST, July 2: Hungarian oil and gas group MOL said on Wednesday that it had signed a deal with Mari Gas Company Limited to buy a 40 per cent stake in the Karak exploration block in Pakistan.

MOL said as part of the deal Mari Gas, which it said was one of the largest oil and gas exploration firms in Pakistan, would get a 25 per cent stake in a block owned and operated by MOL in Oman.

“This partnership allows us to diversify our exploration portfolio and further extend MOL’s presence in one of our main target countries, Pakistan,” Zoltan Aldott, Executive Vice-President of MOL’s Exploration and Production Division said in a statement.—Reuters