Thursday, May 22, 2025. 16:40

MOL, MVM Sign Oil Trading Agreement

Photo for illustration purposes only.

Hungarian oil and gas company MOL on Thursday said it signed an oil trading agreement with state-owned energy company MVM Group to further diversify the region's energy supply portfolio, with a focus on landlocked Hungary and Slovakia.

Through the cooperation, MOL could increase the volume of alternative crude processed at its refineries by up to 160,000 tonnes per year, it added.

MOL and MVM will transport crude from the Caspian region to the Ceyhan terminal in Türkiye via the Baku-Tbilisi-Ceyhan (BTC) pipeline from where it will be distributed to MOL Group’s markets.

MOL acquired a stake in Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oil field in 2020, and MVM Group acquired a 5% stake in the production sharing agreement for the Shah Deniz gas and condensate field, also in Azerbaijan, in 2024.

MOL is purchasing 100,000 barrels of crude per month from the Shah Deniz field at present. The oil trading agreement with MVM will add the equivalent of two tanker shipments per year of Azeri crude for the region, in addition to the single shipment per month that MOL was already importing.

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