BUDAPEST - Hungarian oil and gas group MOL has signed a 450 million euro revolving credit facility agreement with a group of banks, MOL said in a statement on Friday.

It said the 18-month loan, which can be extended by 6 months upon MOL's request, would become available once its existing 2.1 billion euro credit facility matures on Oct. 1, 2010.

As part of the transaction EUR 600 million will be cancelled out of the currently EUR 1.6 billion undrawn commitment under the within one year expiring EUR 2.1 billion facility agreement, MOL added. ($1=180.56 Hungarian Forint) (Reporting by Gergely Szakacs; Editing by Jon Loades-Carter)

European union