Hungary’s MOL seeks EU funding as CEO warns Russian oil phase-out could trigger social unrest

Detailed summary

MOL says it could phase out Russian oil imports by the end of 2027, but chief Bacsa warns that higher energy costs could fuel political instability in Hungary and Slovakia. He is calling for EU funding to expand alternative pipeline routes, as Brussels keeps focus on quitting Russian energy.

Hungarian oil and gas company MOL says it will be technically ready to phase out Russian oil imports by the end of 2027, as it calls for more EU funding to support the transition away from Russian energy.Speaking to Euronews, MOL Hungary chief executive György Bacsa warned that reducing Hungary’s dependence on Russian crude could drive up energy costs, trigger social unrest and fuel political instability in Hungary and Slovakia, both of which remain heavily reliant on Russian oil.With a new government in Budapest, MOL will seek EU funding for energy diversification for the first time.

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