With the arrival of the first shipment, a new supply chain has been established.Continue reading
The MOL Group has taken a significant step toward diversifying and strengthening energy supplies in the Central and Eastern European region. The Budapest-based giant announced a new trading agreement with Kazakh national oil company KazMunayGas (KMG) that has resulted in the delivery of 85,000 tons of Kazakh crude oil to the region.
On Monday, the first shipment of CPC (Caspian Pipeline Consortium) crude oil arrived at the Croatian port of Omišalj after being transported from the Russian port of Novorossiysk. CPC crude oil is one of a total of 14 types that MOL has already successfully tested at its refinery in Bratislava and now regularly imports into the region.
The relationship between MOL and KMG dates back to 2004, and since the end of last year, the two companies have been working more closely together as strategic partners.
Their cooperation covers the exploration and production of hydrocarbons, technology transfer, and the areas of oil supply and petrochemicals.
An important milestone in this partnership was an agreement last year aimed at applying MOL technology in Kazakhstan and expanding joint exploration and production activities. As part of this, MOL and KMG, together with the Chinese company Sinopec, have already started gas production in the Roshkovsky field in Kazakhstan.
Gabriel Szabó, Downstream Managing Director of the MOL Group, emphasized in the announcement that
the MOL Group has been working for over a decade to modernize the Adriatic pipeline and associated infrastructure and to establish flexible refinery technology.
The latest developments, including the establishment of new, commercially viable supply routes, are a direct result of these efforts.
In addition to its cooperation with Kazakhstan, MOL recently concluded a trade agreement with Hungarian energy company MVM for the import of 160,000 tons of Azerbaijani crude oil. This corresponds to approximately 1.5 percent of the group’s total crude oil processing. Since 2020, MOL has also held a stake in Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oil field, which supplied five million barrels of crude oil to Europe last year.
Via MTI, Featured image: Pixabay