MOL started negotiations to secure uninterrupted supply of crude oil

MOL Plc. hereby announces that the crude oil shipments through the Friendship pipeline to Hungary have decreased and according to the information provided by MOL’s partners, crude oil shipments have stopped altogether coming to Ukraine from Byelorussia.

In case the crude shipments do not re-start from Byelorussia, the Ukraine transit reserves are expected to dry up by this late afternoon and the shipments to Hungary will accordingly stop by late evening today.

MOL’s own reserves enable uninterrupted operation of the Százhalombatta Refinery. MOL has informed about the situation the Ministry of Economy and Transport and in the interest of securing uninterrupted supply has also started talks with MSZKSZ on a possible release of strategic reserves. MSZKSZ’s reserves provide for more than 90 days of supply of crude oil and products. The decision on the release of the strategic reserves belongs to the Economy and Transport Minister. 

Though MOL’ experts do not think it likely that the crude supply difficulties will exist for a longer period of time, the more than 90 days’ worth of reserves allow for ample time to prepare for crude oil shipments even through the Adriatic pipeline.