The Hungarian oil company MOL is preparing to replace 80% of the supply of Russian oil for Hungary and Slovakia. This announcement came against the backdrop of Prime Minister Viktor Orban’s preparations for a visit to the United States, where he will meet with President Donald Trump.
MOL, which is the only oil refiner in Hungary and Slovakia, has so far adhered to Orban’s government’s view of the “impossibility of replacing Russian oil”. However, the company now aims to increase its capacity to process non-Russian oil by modernizing its refineries. According to CREA, Hungary and Slovakia are the last buyers of Russian oil in the EU, having received raw materials worth 311 million euros in September via the Druzhba pipeline.
Despite the share of Russian oil in the European Union decreasing from 26% in 2021 to 3% in 2024, Hungary’s dependence on it increased from 61% to 86%. Slovakia relies on Russian oil by 100%, as MOL owns its only refinery. The company hopes to complete modernization by the end of 2026, which will significantly reduce dependence on Russian raw materials.
During the US visit, Orban plans to discuss with Trump the possibility of delaying sanctions on cooperation with Russian oil suppliers such as Rosneft and Lukoil until November 21, 2023. Hungarian analysts believe that a one-year extension could help MOL prepare to receive seaborne oil, but without the postponement, the company will face significant challenges.
| Country | Import of Russian oil, September (million euros) | % of total imports from Russia in the EU |
|---|---|---|
| Hungary | 166 | 53% |
| Slovakia | 145 | 47% |
