USTDA GRANT SUPPORTS NEW GEOTHERMAL POWER PLANT IN HUNGARY

FOR IMMEDIATE RELEASE

BUDAPEST, HUNGARY (June 28, 2004) – Earlier today, the U.S. Trade and Development Agency (USTDA) awarded a $167,000 grant to MOL Hungarian Oil and Gas Company, Plc., a private Hungarian firm, to fund a feasibility study on the development of a new geothermal power plant.  The grant illustrates the ongoing USTDA commitment to promote economic development in Central Europe and to assist Hungary in meeting European Union clean energy requirements.

The grant was conferred in a signing ceremony held at the U.S. Embassy in Budapest.  Mr. Ned Cabot, USTDA Regional Director for Europe, signed the grant agreement on behalf of the U.S. Government.  Mr. Csaba Bokor, MOL Managing Director, and

Mr. Jozsef Bukor, MOL Chief Engineer for Business Relations, co-signed on behalf of the Grantee. 

The USTDA-funded study will develop detailed plans for MOL’s entry into the geothermal power business through the introduction of an efficient model of electricity production utilizing closed hydrocarbon wells.  If constructed, the proposed power plant will serve as a clean energy model that can be replicated elsewhere to increase electricity generation in a cost effective manner.  By helping to meet Hungary’s growing electricity needs, the project will contribute to that nation’s economic growth and development.  

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries.  The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment.  USTDA’s strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development.  In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.

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