London, 12 March 2008 - Baker & McKenzie has advised MOL Hungarian Oil and Gas Public Limited Company (MOL) on the agreements implementing its strategic co-operation with Oman Oil Company S.A.O.C. (OOC).

The agreements provide for OOC's sale of 8,774,040 MOL treasury shares at a price of US$1.276 billion and the purchase by MOL of interests in a number of international assets from OOC.

MOL is a leading international oil and gas company in Central-Eastern Europe, with headquarters in Budapest. The company, which has a market capitalization of around US$15 billion, operates in Europe, the Middle East, CIS and Africa.

Commenting on the transaction, Richard Blunt, Corporate partner at Baker & McKenzie, London said:  "This ground-breaking strategic alliance represents a true win-win scenario for both MOL and OOC, enabling both parties to better achieve their strategic aims.  The transaction represents a great example of Baker & McKenzie's ability to bring industry expertise, country knowledge and English law practice together."

The Baker & McKenzie team was led by Richard Blunt (London) and John Connors (Almaty), supported by Pal Takacs (managing partner, Budapest) and Michael Caro (head of corporate, London).

OOC was advised by Vinson & Elkins LLP.