Economy 19 February 2026, 9:03am

Mol chief on Russian oil: decoupling schedule is being drawn up, but fuel will be more expensive without Druzhba

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In an interview with news portal Telex, Zsolt Hernádi, the chairman and CEO of Hungarian energy group MOL, spoke about the newly emerged security of supply situation, among other things. He announced that a detailed and lengthy series of tests would soon begin on the Adria pipeline and revealed that Hungary and Slovakia were currently preparing a schedule for separating the oil market. However, he warned that weaning off Russian oil would lead to a 10% drop in the market for technological reasons, causing product shortages and price increases.

Zsolt Hernádi, the Chairman and CEO of Mol Group, gave an interview to Telex. During the conversation, the following was said:

"Russian oil is usually cheaper, which generates significant revenue for the budget — it's a kind of skimming — with the money going into the Overhead Protection Fund." The current price difference between Russian and Western oil types is around 15-17%.

If the Druzhba pipeline were to be permanently shut down, it would be difficult to restart.

In light of the recent security of supply situation, Croatia, Slovakia, Hungary and the European Commission agreed last week

to conduct a detailed and lengthy series of tests on the Adria pipeline,

in order to make informed decisions.

Russian crude oil is arriving by sea, which is permitted under EU sanctions.

I hope Janaf doesn't get in the way. This will be a good test of the Croatian transport company's reliability.

Hungary and Slovakia are currently preparing a decoupling plan for the oil market.

According to the manager,

decoupling from Russian oil in our region would result in a 10% market loss for technological reasons, resulting in product shortages and price increases.

Regarding the NIS acquisition, Zsolt Hernádi said that the US OFAC may grant NIS another extension to operate after 20 February, with the deadline for completing the purchase transaction set for 24 March.

The Serbian refinery does not require Russian oil to operate at full capacity, the executive emphasised. The well network is extensive and geographically widespread. "When we examined production, they were producing 500,000 tonnes of oil, but today they are producing one million tonnes."