MOL Presses for Release of Strategic Crude Reserves

MOL group has turned to the Energy Ministry to free up the country's strategic crude reserves, the oil and gas company told MTI on Monday.

The measure would allow MOL to maintain secure supply for the region, MOL said, adding that no deliveries of Russian crude through the Druzhba pipeline had arrived since January 27.

Initially, around 250,000 tons of crude may need to be released from the reserves, MOL said.

To make up for the shortfall, MOL has taken steps to supply its refineries in Hungary and Slovakia with crude delivered by tanker to Croatia; but the first deliveries will not reach the port of Omisalj until early March and will take a further 5-12 days to reach the refineries, the company said.

MOL said it is also in contact with the government of Slovakia regarding a response to the situation. MOL noted that both countries are required by European Union rules to have crude and fuel reserves sufficient to meet demand over a period of around 90 days.