Hungary to ASSIST Serbia regarding NIS: MOL is increasing export of oil and oil derivatives

Minister of Mining and Energy of Serbia Dubravka Djedovic Handanovic today met with Minister of Foreign Affairs and Trade Peter of Hungary Peter Szijjarto, who is in Belgrade for the gathering of ministers of foreign affairs of the Central European Initiative.

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Szijjarto pointed out that Serbia is paying the price of a war it is not directly invovled in, but that Hungary always stands by our country when it comes to energy security.

"Hungary will invest all available means with the aim of contributing to ensure that Serbia's oil supply is secure regardless of the circumstances. Serbian friends, count on it," Szijjarto said at the Palace of Serbia in New Belgrade.

Szijjarto added that MOL, as the largest company in Hungary and one of the most important companies in the energy sector, is ready to increase the import of oil derivatives and oil to Serbia from the entire region.

"In November, they (MOL) increased the capacity in that direction by two times, and before the end of December, that inflow will increase by two and a half times," Szijjarto said.

He added that the recent fire at MOL in Hungary has no effect on the intention of MOL and Hungary to support Serbia in this difficult time.

"Therefore, regardless of the consequences that have arisen, MOL will increase its exports to Serbia by two and a half times in December," stressed Szijjarto.

What does this mean for Serbia?

Increased import of oil derivatives via MOL means that Serbia will have greater security of fuel supply, especially in the circumstances of global instability and increased demand.

For citizens, this could produce several effects:

• More stable fuel prices – more imports can mitigate price spikes at gas stations.

• Reduced risk of shortages – sufficient quantities of derivatives allow refineries and distributors to supply the market regularly.

• The possibility of long-term planning - state and private companies enjoy safer conditions for transport and logistics, which indirectly affects the price of products and services.

(Telegraf Biznis)