Wednesday, May 22, 2024

Hungarian govt releases strategic oil reserves after Russian supply cut-off

BUDAPEST (AFX) – Minister of Economics and Transportation Janos Koka ordered the release of Hungary’s strategic crude oil reserves late yesterday after deliveries from Russia via the Druzhba pipeline, which were halted on Monday, did not restart, said MTI-ECONEWS.
The order is for the release of 15,000 tonnes of crude oil per day for the next seven days.
Hungarian oil and gas company Mol can use this oil from the reserves, which must be replenished within six months after deliveries on the pipeline restart.
Mol said Hungary has 90 days of reserves it can draw on.
Both Mr Koka and a spokesman for the Hungarian Foreign Ministry said that they hoped an agreement could be reached on the restart of deliveries from Russia within the next few days.
The Ministry started diplomatic efforts to end the disruption of deliveries — which was sparked by a row over export duties between Belarus and Russia — late on Monday.
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