Hungary: Odds high for securing Russian oil supplies via Ukraine

The odds are good that Hungary's oil company MOL will manage to close relevant agreements in order to prevent the blocking of Russian oil supplies to Hungary via Ukraine, Hungarian Government Office head Gergely Gulyas said on Thursday. At the same time, he accused the European Commission of failing to provide any support in this matter to either Hungary or Slovakia.


Gulyas added that this technically means that even though transit will be more expensive and the risks of transit from the Russian-Ukrainian border will be borne by MOL, a lawful solution has been found to cover the supplies.

MOL also owns Slovnaft's Slovak refineries. According to Trinity Bank's chief economist Lukas Kovanda, due to higher security risks and the related increase in insurance costs the oil will be more expensive by about $1.5 per barrel.

Source: TASR