Here’s Hungarian oil and gas giant MOL’s big announcement concerning non-Russian oil
Hungarian oil and gas company MOL on Thursday said it signed an oil trading agreement with state-owned energy company MVM Group.
The agreement aims to further diversify the region’s energy supply portfolio, with a focus on landlocked Hungary and Slovakia, MOL said.
Through the cooperation, MOL could increase the volume of alternative crude processed at its refineries by up to 160,000 tonnes per year, it added.
MOL and MVM will transport crude from the Caspian region to the Ceyhan terminal in Turkiye via the Baku-Tbilisi-Ceyhan (BTC) pipeline from where it will be distributed to MOL Group’s markets.
MOL acquired a stake in Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oil field in 2020, and MVM Group acquired a 5pc stake in the production sharing agreement for the Shah Deniz gas and condensate field, also in Azerbaijan, in 2024. MOL is purchasing 100,000 barrels of crude per month from the Shah Deniz field at present. The oil trading agreement with MVM will add the equivalent of two tanker shipments per year of Azeri crude for the region, in addition to the single shipment per month that MOL was already importing.
Hungary hydrocarbon production rises
Hungary’s hydrocarbon production rose in the first quarter from the same period a year earlier, the Energy Ministry and the Supervisory Authority for Regulatory Affairs said in a statement on Thursday.
Gas production edged up close to 480m cubic metres and crude production approached 300,000 tonnes, up from a little under 250,000 tonnes in the base period. In 2024, gas production reached 1.9bn cubic metres and oil production was over 1m tonnes.
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