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Hungary Waits on Further EU Concessions

OIL

Hungary has not received an update in proposals from the EU according to Hungarian Foreign Minister Peter Szijjarto on his Facebook page today:

  • "The European Commission has caused a problem with a proposal so its a rightful expectation from Hungary... that the EU should offer a solution: to finance the investments and compensate for ... the resulting price rises which necessitates a total modernisation of Hungary's energy structure in a magnitude of 15-18 billion euros," Peter Szijjarto said.
  • Hungary has asked for shipments via pipeline to be exempt from the planned embargo.
  • The EU has offered Hungary an exemption from the Russian oil ban until the end of 2024, over two years longer than the majority of the EU as well as funding to upgrade domestic refining capabilities.
Energy BulletsCommodities
Energy BulletsCommodities

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