Hungarian oil companies MVM and MOL receive first joint Azeri crude shipment

The first joint shipment of Azeri crude oil from a new cooperation between Hungarian oil companies MVM Group and MOL Group has arrived at the port of Omišalj on the Adriatic coast. A tanker delivered 92,000 tonnes of Azeri Light crude oil after departing from the Ceyhan terminal in Turkey.

The delivery is the first tangible result of a commercial agreement announced in May, which aims to diversify the region's energy supply. The companies stated that through the cooperation, MOL could increase the volume of alternative crude processed in its refineries by up to 160,000 tonnes per year.

Gabriel Szabó, an Executive Vice President at MOL Group, said the shipment proves the viability of a new, long-term supply chain. Réka Martini, a director at MVM Group, noted that the process allows MVM to contribute to domestic supply security using its share of condensate from the Shah Deniz gas field.

The companies stated that this is the first shipment to the region that includes volumes marketed by MVM in addition to MOL’s own sources. Further shipments are expected in the coming months to establish a regular supply chain between the Caspian region and Central Europe.