Ukraine's Naftogaz, Hungary's MOL agree to develop fuel storage near border
Ukraine's state-owned energy company Naftogaz and Hungarian oil and gas company MOL have signed a memorandum to develop fuel storage capacity in Hungary near the Ukrainian border, Naftogaz acting CEO Serhii Fedorenko said on Sept. 20.
The planned facilities would store petroleum products for Ukraine, providing additional capacity outside the reach of Russian strikes on Ukrainian fuel infrastructure.
"Amid constant Russian attacks on our fuel infrastructure, diversifying supply routes and creating additional storage capacity outside the strike zone is a matter of stability for the entire market," Fedorenko said.
He said the project could increase the reliability of fuel supplies for Ukrainian consumers while also contributing to the development of cross-border energy infrastructure between Ukraine and Hungary.
The agreement was reached during the Carpathian Economic Forum as part of the C8 Summit, according to Fedorenko.
Russia has repeatedly targeted Ukraine's energy and fuel infrastructure throughout its full-scale invasion, prompting Ukraine to diversify supply routes and seek ways to protect critical energy reserves from attacks.
- Share: