Viktor Orbán met with Azerbaijani President Ilham Aliyev on Tuesday.Continue reading
The first joint shipment of Azerbaijani crude oil by the MVM Group and the MOL Group has successfully arrived at the Croatian port of Omišalj. The tanker unloaded 92,000 tons of Azeri Light crude oil from the Caspian Sea region, Hungarian oil and gas company MOL announced on Thursday.
The company emphasized that the cooperation between the two companies and the arrival of the Azerbaijani crude oil shipment strengthen the security and flexibility of the region’s energy supply and also support crude oil diversification goals. As part of the cooperation, MOL and Hungarian energy company MVM will jointly ensure the transport of crude oil from the Caspian region, taking advantage of the condensate sales opportunities arising from MVM’s stake in the Shah Deniz field and MOL’s logistics and refining capacities. MOL can increase the amount of processed raw materials from alternative oil sources by up to 160,000 tons per year, they said.
This is the first time that a shipment has arrived in the region that is based not only on MOL’s own resources but also includes stocks sold by MVM. Further shipments are expected in the coming months, with the aim of establishing a regular, predictable supply chain between the Caspian region and Central Europe.
With the agreement and the arrival of the first shipment, a new supply chain has been established that MOL can count on in the long term. It is of paramount importance to the MOL Group that countries isolated from the sea also have access to secure, predictable and competitive sources. The current shipment has proven that the joint logistics and commercial model is workable, explained Gabriel Szabó, Executive Director of Downstream at the MOL Group, in the announcement.
Strengthening domestic security of supply is also one of the key objectives of the MVM Group’s strategy. Under the commercial agreement concluded with the MOL Group, MVM can contribute to this with its share of condensate produced at the Shah Deniz offshore natural gas field with the arrival of the first joint ship. The first joint logistics and commercial process lays the foundation for a predictable cooperation model, said Réka Martini, MVM Group’s Director of Strategy and Transactions.
Via MTI, Featured image: Pixabay