Hungary's only oil refiner has decided to abandon Russian supplies

Hungarian oil company Mol Nyrt. has announced that it could meet up to 80% of its Syrian oil needs from non-Russian sources via the Adriatic pipeline from Croatia if supplies from Russia are cut off. This statement, made on the eve of Prime Minister Viktor Orbán's meeting with Donald Trump, highlights the Hungarian government's changing position on dependence on Russian energy resources.

Source Minfin

Previously, Mol and the Hungarian government insisted that the lack of access to the sea made it difficult to access alternative sources. Since the start of the war in Ukraine, Hungary has increased its imports of Russian oil to 90%. New US sanctions threaten this model, and Mol now has to consider modernizing its facilities to work with new supplies.

The European Union plans to completely abandon Russian energy resources by 2027, but US restrictions are forcing Mol to speed up its actions. The company has announced that it is working on modernizing its oil refineries in Hungary and Slovakia to adapt to the new supply conditions.