Hungary's only oil refinery may ditch Russian crude — Bloomberg
Photo: Hungary's only oil refinery may refuse Russian oil (Getty Images)
Hungary's only oil refinery, Mol Nyrt., has stated that it can meet most of its oil needs without supplies from Russia, according to Bloomberg.
Mol Nyrt., which operates oil refineries in Hungary and Slovakia, said that a pipeline from Croatia could be a viable alternative to oil supplies from Russia.
In the event of a stoppage or reduction in supplies through the Ukrainian section of the Druzhba pipeline, the company is able to meet its needs using the Adriatic route.
"Should the crude flows via the Druzhba pipeline drop significantly, Mol can increase its utilization of the Adriatic pipeline and supply ca. 80% of its landlocked refineries’ intake, although entailing higher technical risks and logistics costs," the company says in its financial results report.
The refinery revealed this statement ahead of the meeting between US President Donald Trump and Hungarian Prime Minister Orbán on November 7.
Trump and Orbán meeting
The meeting between Hungarian Prime Minister Viktor Orbán and US President Donald Trump will take place in Washington today, November 7.
The main topic of discussion may be Budapest's decision to stop buying Russian oil.
The European Union and the US are trying to force Hungary to stop buying Russian energy resources. The pro-Russian Hungarian government responds by saying that the country cannot completely abandon Russian oil.
Orbán plans to explain to Trump why Budapest must continue to buy oil and gas from Russia.
However, Trump refused Orbán's request to exempt Hungary from sanctions against Russian oil.
The Hungarian Prime Minister is also preparing an energy agreement to propose to the US President in Washington.
At the same time, ahead of Trump's meeting with Orbán, US senators called on Budapest to abandon Russian energy sources.
