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Head of Hungary's MOL sees no reason to wean off Russian oil

The head of Hungarian oil and gas giant MOL has stated he sees no benefit in Hungary weaning itself off Russian oil supplies, and dismissed warnings of fuel lacks in the nation as politics.

Following Russia's 2022 invasion, the EU prohibited oil imports to its member states, but gave an exemption to Hungary, Slovakia and the Czech Republic to enable them to discover alternative paths and materials. Lots of critics state Hungary has not done enough to achieve that.

Why should we wean ourselves off Russian oil, precisely? Zsolt Hernadi, CEO of MOL group asked the audience during a. panel talk last Friday in northern-Hungarian city of Esztergom,. according to a recording heard .

The refineries in landlocked Hungary and Slovakia are fed. with Russian crude via the Druzhba pipeline's southern spur, however. products from Russia's biggest oil exporter Lukoil. through Ukraine were stopped in July following a restriction by Ukrainian. authorities.

The European Union then suggested Hungary and Slovakia usage. spare capacity on the JANAF Adriatic pipeline in Croatia to. supply both nations with non-Russian seaborne crude.

But both Hungary and Slovakia recently pushed back, saying. Croatia had actually failed to invest in capacity structure and questioned. the released maximum capacity of the pipeline. Croatia. dismissed as deeply offending the recommendation it was not a. reputable supplier.

It isn't politicians however the management of MOL that decides. where to buy oil from, Hernadi stated.

If we chose to halt (Russian oil) supply from Druzhba ... Hungary would be left with only one route of supply (Adria. pipeline). What's much better? 2 or one? Which gives more security. ( of supply)?

Hungary receives 2 million metric tons of oil from the. Russian group yearly, around a third of its total oil imports.

Slovakia's Slovnaft refinery, which is owned by Hungarian. oil and gas group MOL, was anticipated to receive 40% less oil for. processing than needed, the Slovakian government stated earlier in. July.

When asked about the possibility of fuel shortages by. September if the issue is not solved, he dismissed it as. politics, and ensured the audience that until they

(source: Reuters)