MOL: “...with no significant change in financial conditions...

MOL purchases a significant proportion of its imported crude oil from Yukos, and to date crude oil supplies have been uninterrupted, the company said.

MOL added that to its best knowledge Yukos has paid the pipeline tariff for the exports due in August and a large portion of the contracted quantity for this period is already en route in the Friendship pipeline.

“In the event that Yukos should prove unable to supply the planned volumes to the MOL Group in future, MOL remains confident that no major interruption in supply via the Friendship pipeline would occur," the company added.

MOL said it was in daily contact with several other large Russian suppliers, adding that it regularly purchases crude oil from them under existing term contracts as well as on the spot market.

MOL said it remained confident it would be able to arrange the necessary volumes of crude oil from other suppliers with no significant change in financial conditions, given that crude oil exports are of strategic importance to the Russian economy. “The Ministry of Energy [of Russia] coordinates the export of crude oil from Russia in order to ensure full utilisation of the planned quotas," MOL said.

If necessary, the MOL Group has an alternative crude oil import route via the Adria pipeline, with a capacity of up to 10 million tonnes a year, the company said.

In the event of any temporary emergency the 90-day liquid hydrocarbon reserve stored by the Crude Oil and Crude Oil Product Stockpiling Association could provide the supplies necessary for the Hungarian market and a similar, albeit smaller, strategic reserve also exists in Slovakia, MOL added.

Source: Portfolio online financial journal



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