News ID: 206522
Published: 0403 GMT December 19, 2017

Hungarian importer of Iranian oil aims to widen crude basket

Hungarian importer of Iranian oil aims to widen crude basket

Hungary’s MOL Group company, which is the importer of Iranian heavy crude oil, intends to increase the ratio of seaborne crude supplies to 33 percent by 2020.

"Generally, MOL Group strategy is to broaden up the non-Ural grades in our crude basket, via crude oil from the Mediterranean in line with our 2030 strategy. By 2020, we aim to increase the ratio of seaborne crude supplies to 33 percent and widen our basket to 50 types," announced the company’s press service, Trend News Agency reported.

Any seaborne crude cargo is transported via the Omisalj terminal in Croatia, which is connected to MOL Group’s refineries in Szazhalombatta and Bratislava via the Adria pipeline, according to the company.

"In line with its 2030 Strategy, MOL Group is constantly looking at inorganic opportunities in the upstream market that complement its current asset portfolio," said the company.

MOL Group said it purchases some gas from the market for its own consumption needs, however it has its own gas production.

"The amount which we produce in Central Eastern Europe is actually way more than our consumption in the big plants (refining, petchem)," said the company.

In 2016, MOL Group purchased 1-million barrel oil cargo from Iran. The company declined to comment on future plans regarding oil purchases from Iran.

   
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