Budapest: Hungarian oil and gas company MOL and state-owned energy company MVM will jointly charter tankers to transport up to 160,000 metric tons of crude oil per year from Azerbaijan to further diversify the energy supply of Hungary and Slovakia.

According to Azeri-Press News Agency, this collaboration aims to increase the volume of alternative crude oil processed at MOL’s refineries, reducing reliance on Russian oil by up to 160,000 tons annually.

MOL’s strategic move is part of a broader effort to secure energy resources from diverse origins. In 2020, MOL expanded its presence in the Caspian Sea region by acquiring Chevron’s stake in the Azeri-Chirag-Gunashli (ACG) oil field. This acquisition marked a significant step in strengthening its portfolio in the region.

In parallel, MVM has been actively engaged in energy diversification efforts, including the acquisition of a 5% stake in Azerbaijan’s Shah Deniz gas field last year. These strategic investments underscore Hungary’s commitment to enhancing its energy security through diversified sources, further aligning with European energy diversification strategies.