Hungarian company MOL is looking for a way to diversify energy sources from Russia through a Ukrainian port

The company considers the oil pipeline from the Black Sea port of Odesa and the possibility of delivering oil to Hungary by sea to be the best solution for reducing energy dependence on Russia. This is reported by UNN with reference to Bloomberg.

Details

The Hungarian company Mol Nyrt. wants to gain access to the Odesa-Brody oil pipeline, which runs from the Ukrainian Black Sea port to the border with Poland. Previously, the Hungarian company was repeatedly criticized for maintaining a strong dependence on Russian energy resources. The new project, which will allow for sea deliveries from a number of global producers, can obviously be considered even as a gradual abandonment of Russian oil.

The Odesa pipeline would mean access to all kinds of alternative oil thanks to the sea connection. This pipeline will serve regional, European and Ukrainian security of supply.

Connecting to Ukrainian infrastructure will not be easy, as Russia's aggressive war against Ukraine continues, and Odesa is often targeted by Russian missile and "Shahed" attacks. The Black Sea around the Ukrainian coast has also been heavily mined after Russia's full-scale invasion in 2022.

The pipeline, which is currently not operating, will require significant investment.

This will also require political acrobatics from Hungarian Prime Minister Viktor Orbán, known for his pro-Russian activities. As is known, recently the head of the Hungarian government stated that his country stopped Ukraine's accession to the European Union. Orbán also called on the EU to reduce support for Ukraine and stop sanctions against Russia.

Earlier, Orbán concluded a number of energy agreements with Moscow and is currently campaigning for re-election in Hungary.

Meanwhile, Mol Nyrt. advocates for both the EU and other interested countries to participate in the "restoration" of the Odesa oil pipeline. This project, according to the company, will provide an alternative to Russian oil.

Recall

The Czech Republic stopped supplies of Russian oil via the southern branch of the "Druzhba" oil pipeline. At the end of June, oil prices were heading for the sharpest weekly decline since March 2023.