Hungarian Labor Ministry Close to Deal on Russian Oil Transit via Ukraine

– Transportation will be more expensive.MOL will bear the risks arising from the Russian-Ukrainian border, but there is a legal solution thanks to which in the long term crude oil supplies can be guaranteed via a vulnerable transit route, he said.

Julias explained that MOL will become the legal owner of Russian oil from the Russian-Ukrainian border It will be responsible for its flow through Ukraine. According to the Hungarian government, this means an additional cost of $ 1.5 per barrel for MOL in insurance.

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Gulyas said that the talks on this issue are expected to be concluded in early autumn. He also expressed hope that as long as the war in Ukraine continues, it will be possible to ensure oil supplies to Hungary.

According to Hungarian Foreign Minister Peter Szijjarto 33 percent of Hungary’s crude oil imports came from supplies from Russia’s Lukoil. Across Ukraine.

Hungary It is highly dependent on Russian energy resources. They import 4.5 billion cubic meters of natural gas annually under a 15-year contract with Gazprom, signed in September 2021. The Budapest government also imported 4.5 million tons of oil last year, and Russia’s state-owned Rosatom is expanding Hungary’s only nuclear power plant at Paks in the central part of the country.