The first joint shipment of Azeri crude oil has arrived at the port of Omišalj on the Adriatic coast as a result of the cooperation between the Budapest-headquartered oil and gas corporation MOL Group and compatriot player of the Hungarian energy system MVM Group.
The oil tanker has delivered the first cargo of 92,000 tonnes of Azeri Light crude oil from the Caspian region, having departed from the Ceyhan terminal in Türkiye.
The delivery is the first tangible result of a commercial agreement announced in May, which aims to diversify the region’s energy supply.
As part of the cooperation, MOL and Hungarian energy company MVM jointly provide the transport of crude oil from the Caspian region, taking advantage of the condensate trading opportunities arising from MVM’s stake in the Shah Deniz field and MOL’s logistics and refining capacities.
In a statement issued on June 26, MOL emphasized that through this cooperation, it could increase the volume of alternative crude oil processed in its refineries by up to 160,000 tonnes per year.
Gabriel Szabó, executive vice president of downstream at MOL Group, said the shipment marks the launch of a new supply chain that they can build on in the long term.
Réka Martini, director of strategy and transactions at MVM Group, noted that one of the key objectives of MVM Group’s strategy is to strengthen the domestic supply security through its share of condensate produced in the Shah Deniz offshore gas field.
Further shipments are expected in the coming months, with the aim of establishing a regular supply chain between the Caspian region and Central Europe.
