Hungary Steps Up to Secure Serbia’s Oil Supply Amidst U.S. Sanctions

Hungary's MOL will boost crude oil deliveries to Serbia after Croatia halted shipments. This move seeks to secure Serbia's oil supply amidst U.S. sanctions affecting the NIS refinery. Hungary and Serbia also plan to fast-track a pipeline that may fulfill Serbia's crude oil needs by 2028.

In a strategic response to halted oil shipments from Croatia, Hungarian energy giant MOL plans to significantly boost crude oil and fuel deliveries to Serbia, as confirmed by Foreign Minister Peter Szijjarto during a briefing in Belgrade.

To mitigate the impact of U.S. sanctions, which threaten Serbia's oil supply, MOL will double its deliveries in November and increase them by 150% in December. This collaboration emphasizes Hungary's commitment to ensuring Serbia's crude oil access, as echoed by Serbian President Aleksandar Vucic. The Serbian government is concurrently seeking a U.S. Treasury license to keep its NIS refinery operational amid sale negotiations by its Russian owners.

Furthermore, Szijjarto and Serbian officials expressed readiness to expedite a pipeline construction between the two nations, with an anticipated capability to secure Serbia's oil demands by 2028. This development comes on the heels of political maneuvers to enable Serbia to assume control over NIS, following U.S. sanctions leading to Croatia's oil shipment halt.

(With inputs from agencies.)