Mol Says Ending Russian Oil Imports Unrealistic Despite Efforts

Energy company Mol Nyrt. sees the ambition to completely wean Europe away from Russian crude in the next few years as unrealistic for countries like Hungary and Slovakia, despite all its efforts to diversify supplies for its refineries in the region.

While the company would be willing to potentially invest $500 million in two years to adapt all its plants to other types of crude, it lacks the reliable long-term partners to do that, said Gyorgy Bacsa, the company’s Hungary chief operating officer and board member.