The European Investment Bank (EIB) has signed EUR 100 million¹ of a EUR 200 million loan approved by its Board in favour of the Hungarian oil and gas company MOL (Magyar Olaj- és Gázipari Rt)  for upgrading its oil and gas facilities at a number of locations  throughout Hungary, including oil and gas production installations, underground gas storage sites, the retail service station network, and new pipelines and related technical facilities to improve gas transmission and transit capacities as well as environmental and safety standards.

Commenting on the loan, EIB Vice-President Wolfgang Roth said: "This is our second loan to MOL and thus continues to support an important Hungarian private sector company during a crucial period of its development. The EIB is a natural partner of industry in Central Europe helping to improve competitiveness and operational efficiency in the face of the challenges of upcoming EU accession, increased regional integration, growing market pressures and sector liberalisation."

The EIB is the financing arm of the European Union and is steadily increasing its lending in the ten Central European countries preparing for EU accession. The new loan brings total EIB lending to private and public sector projects in Hungary since 1990 to EUR 1.6 billion.

(1) 1 EUR = 261.360 HUF, 0.613200 GBP