MOL Group, a leading international integrated oil and gas company from Hungary, has confirmed the purchase of Iranian heavy crude oil.
MOL Group official Judit Nemeth said that since 2014, the company has been actively looking for alternative crude grades with seaborne delivery as part of its optimization measures and to capture additional margin opportunistically if and when crude differentials are favorable.
"Since the sanctions against Iran are lifted, Iranian crude has become part of these alternative crude grades MOL is actively considering for using in its refineries," she added.
Nemeth further said that as a first step, MOL completed the reconstruction of the Friendship I/Adria Oil Pipeline in February 2015, which is technically capable of covering the full crude intake of the landlocked refineries.
"Based on our previous evaluation we see a great potential in crude oil import through the recently extended Adriatic pipeline and expect 13-16 cargos this year from seaborne sources," Trend cited her as saying.
According to traders and shipping data, MOL has commissioned a cargo of 140,000 tons of Iranian heavy crude oil for Oct. 23. The cargo will be delivered from Iran's Kharg Island terminal to Croatian port of Omisalj.
