EU Plan to Ban Russian Oil Means Windfall for Hungarian Refiner
- Hungary’s Mol posts record refining margins on Russian crude
- Mol controls the sole refineries in both Hungary and Slovakia
A Mol oil storage site in Szazhalombatta, Hungary.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
As the European Union prepares to grant Hungary and Slovakia concessions to win their support for new sanctions on Russia’s oil industry, one company stands to benefit the most.
The two countries -- both heavily reliant on Russian energy -- are being offered exemptions from the planned EU-wide embargo until the end of 2024, while the Czech Republic would get a two-year reprieve, according to the latest draft proposal. For the rest of the union, the ban will take effect by the end of this year.