The nation is closely reliant on Moscow for vitality imports
Hungary won’t be able to exchange the oil and pure fuel it will get from Russia within the brief time period, member of parliament and State Secretary for Overseas Affairs, Tamas Menczer, advised M1 TV channel on Friday.
Menczer mentioned the 2 elementary situations for Hungarian vitality safety have been continued crude imports from Russia and the sleek operation of the Turkish Stream pipeline by means of which the nation receives most of its annual provide of pure fuel.
“Russian fuel accounts for 85% of Hungary’s fuel consumption and 65% of oil demand. This can’t be modified in a single day,” he defined.
In line with the official, Hungary is consistently on the lookout for alternatives to diversify provides, however all of the choices at present into account have drawbacks.
“Consultants see three prospects for diversification: we might enhance the capability of the LNG terminal in Croatia…second factor is to begin manufacturing within the Romanian Neptun fuel subject…Thirdly, we might import fuel from Azerbaijan,” Menczer said, including that each one three “require a lot cash, time and critical infrastructural developments, so Russian fuel can’t be changed for the time being.”
He famous that the speed of filling Hungarian fuel storage is roughly twice as excessive as the typical European price resulting from long-term contracts with Russian fuel exporter Gazprom.
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For the reason that begin of Russia’s army operation in Ukraine in late February, the EU has imposed sweeping sanctions on Moscow’s vitality exports, together with a worth cap on seaborne oil deliveries, which took impact final month. Budapest demanded and acquired some exemptions from the embargo. Prime Minister Viktor Orban has repeatedly steered that if Brussels doesn’t change its sanctions insurance policies, they may inevitably backfire on the bloc’s economic system and vitality safety.
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