Hungary plans to quickly phase out Russian gas

Hungary intends to fully complete the process of phasing out imports of Russian natural gas by the fall of 2027, in accordance with the European Union’s approved timeline. This was stated by Hungarian Minister of Foreign Affairs and Trade Anita Orbán, who reaffirmed the country’s commitment to diversifying its energy supply sources.

At the same time, the Hungarian energy company MOL is carrying out a technological modernization of its oil refineries to switch to non-Russian feedstock via the Croatian JANAF oil pipeline, as the temporary exemption from U.S. sanctions on oil purchases from Lukoil and Rosneft is valid only until November 21. 

In addition, MOL is negotiating the acquisition of Gazprom’s stake in the Serbian company NIS (the OFAC authorization is valid until December 11), hoping to finalize the deal in time and strengthen Hungary’s position as a key transit and distribution hub for energy resources in the region.

Source: DailyNewsHungary. 

Hungary is also considering replacing the Russian state-owned corporation Rosatom as the main contractor for the Paks Nuclear Power Plant expansion project. According to media reports, the country has already begun searching for alternative service providers to carry out this project. Hungarian Prime Minister Péter Magyar has questioned the wisdom of such agreements with the Russian state-owned corporation.