Hungarian oil and gas company MOL expects the European Union ban on oil imports from Iran will have minimal impact on the group with regard to its exposure through Italian unit IES, MOL said in a statement on Tuesday, Reuters reported.
MOL said IES accounted for less than 15% of the group’s downstream refining capacity and was able to use crude from other sources than Iran.
"In case of embargo, IES will find other ways to reallocate its oil supply sources from the Mediterranean spot market," MOL said. "IES managed to find solutions to replace Iranian oil in 2009 and 2010 as well," it added.
MOL said its downstream segment generated about 20% of EBITDA in Q1-Q3.