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Mol to Review Crude Import Diversification Projects

OIL

Hungarian refiner Mol is set to review projects in the absence of EU funding according to Bloomberg. The projects include those aimed at diversifying away from Russian crude.

  • Mol was previously hoping to receive EU support via Recovery and Resilience Facility (RRF)
  • Chairman and chief executive, Zsolt Hernadi has previously suggested $500m-$700m in technological investment was needed to diversify its Danube and Slovnaft refineries away from Urals oil financed partly by MOL but also from EU funds. Mol says it has spent $170m on investments related to the Adriatic pipeline aimed at helping Hungary diversify energy import routes.
  • In July Hungary asked the EU for a one-year extension of an exemption from sanctions against Russia allowing Slovnaft to export products refined from Russian oil to the Czech Republic.
  • Only about 5% of Slovnaft's oil intake was non-Russian in 2022 but this was expected to rise to about 30%-35% by the end of 2023.
Energy BulletsCommodities
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