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.
Hungary plans to construct oil product storage facilities near the Ukrainian border, according to Naftogaz Acting CEO Serhii Fedorenko. The announcement was made on Facebook and later reported by Ukrinform. The memorandum for the facilities' construction will be situated close to Ukraine's border, as stated by Fedorenko. The CEO explained that the construction of these facilities is a crucial step in increasing market stability, as it would provide an alternative supply route for fuel, diminishing the risk of disruptions caused by ongoing attacks on Russia's fuel infrastructure.
This move could enhance the reliability of fuel supplies for Ukrainian consumers and promote the mutually beneficial development of cross-border energy infrastructure between Ukraine and Hungary. Fedorenko mentioned that this agreement was one of the outcomes of the Carpathian Economic Forum, which took place as part of the C8 Summit.
President Volodymyr Zelensky recently introduced the Carpathian Eight (C8), a new format consisting of Ukraine, Romania, Poland, Slovakia, Hungary, Czechia, Austria, and Serbia. On September 18, during the Carpathian Economic Forum, representatives from the C8 member countries unveiled a joint investment portfolio of 95 projects valued at approximately €40 billion.
MOL Group, an integrated, independent international oil and gas company headquartered in Budapest, Hungary, is involved in this endeavor.
Written by urgent.news from Ukrinform - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
