Hungary's only oil refining company, Mol Nyrt., has finally been able to find an alternative to Russian oil. Journalists note that this happened on the eve of a meeting between US leader Donald Trump and Hungarian Prime Minister Viktor Orban regarding sanctions against Russian energy resources.
Points of attention
- Despite concerns about higher technical risks and logistical costs, Hungary's move away from Russian oil signals a notable departure from previous assertions of dependence on Russian energy resources.
- The shift in stance by Hungarian authorities and Mol Nyrt. underscores the evolving geopolitical considerations and the impact of international sanctions on energy policies.
Russia may lose the Hungarian oil sales market
The management of the Hungarian Mol Nyrt. eventually concluded that the pipeline from Croatia could actually become an alternative for the majority of its oil supplies.
Journalists carefully analyzed the company's financial results report.
It is in this document that it is stated that in the event of a significant reduction in oil supplies via the Russian Druzhba pipeline, Mol can increase the use of the Adriatic pipeline and provide about 80% of the needs of its oil refineries.
Despite this, Hungary is worried that this will de facto mean higher technical risks and logistical costs.
What is important to understand is that this loud statement is a sharp reversal after months of statements by Viktor Orbán and Mol that Hungary has no alternative to Russian oil.
Until now, the Orbán administration and Mol have consistently downplayed the potential role of the Adriatic Pipeline for oil supply, arguing that Hungary is landlocked, so the only effective source of oil supply is Russia, the journalists emphasize.
