Hungary to build oil product storage facilities for Ukraine

Naftogaz Group has signed a memorandum with MOL on the construction of oil product storage facilities in Hungary to serve Ukraine’s needs.

Naftogaz Acting CEO Serhii Fedorenko announced this on Facebook, Ukrinform reports.

Under the memorandum, the facilities will be built near the border with Ukraine.

“Amid Russia’s ongoing attacks on our fuel infrastructure, diversifying supply routes and creating additional storage capacity outside the areas exposed to shelling is a matter of stability for the entire market. This could not only make fuel supplies to Ukrainian consumers more reliable, but also contribute to the mutually beneficial development of cross-border energy infrastructure between Ukraine and Hungary,” Fedorenko said.

He noted that this was one of the agreements reached at the Carpathian Economic Forum as part of the C8 Summit.

As reported by Ukrinform, President Volodymyr Zelensky announced the launch of a new format, the Carpathian Eight (C8), comprising Ukraine, Romania, Poland, Slovakia, Hungary, Czechia, Austria and Serbia.

At the Carpathian Economic Forum on Friday, September 18, representatives of the C8 member countries presented a joint investment portfolio of 95 projects worth approximately €40 billion.

MOL Group is an integrated, independent international oil and gas company headquartered in Budapest, Hungary.

Photo: Serhii Fedorenko/Facebook