Next week, Orban will meet with Trump to discuss oil sanctions
Peter Szijjarto, the Foreign Minister of Hungary, said that Viktor Orban would discuss U.S. Sanctions on Russian Oil Companies and other topics when he meets Donald Trump next week in Washington. Trump, an ally of Hungary's leader, has imposed sanctions against Russia for the very first time during his second term. He targeted Rosneft and Lukoil, in order to press Moscow into a ceasefire agreement in Ukraine. Trump's decision has raised questions for Hungary, Slovakia and other European Union countries that are the largest buyers of Russian crude oil. They were exempted from EU restrictions after they secured exemptions.
Urals Crude Differentials Steady; Russia Ships Oil to New Georgia Refinery
Urals crude differentials were steady again on Tuesday, while Russia has supplied a first oil cargo to the newly built Kulevi oil refinery in Georgia this month, according to LSEG ship-tracking data and industry sources.According to LSEG and a trader, the tanker Kayseri delivered 105,340 metric tons of Siberian Light oil grade from the Russian Black Sea port of Novorossiisk to the Kulevi Oil Terminal on October 6.Hungarian oil and gas company MOL was gradually restarting units at its Danube refinery following a late Monday fire at one of the plant's crude units.PLATTS WINDOWNo bids or offers were reported in the Platts win
Slovakia's Fico wants to find a 'common ground" with the US over Russian energy supplies
Robert Fico, the Slovak prime minister, said that Slovakia expected to find "common grounds" with the United States following pressure to stop Russian energy purchases. He defended receiving supplies in Moscow. The European Union wants to isolate Russia in anticipation of its invasion of Ukraine in 2022 and has halted purchases of Russian fuel, which could provide revenue for the war. Donald Trump, the U.S. president, has said that he also wants to see an end to Russian energy purchases by the European Union.
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure, hitting Ukrainian domestic heating supplies, Russia's Druzhba pipeline and other facilities, over the past few weeks as U.S. President Donald Trump has pushed for a deal to end the…
Hungary's Orban calls on EU to lift Russian energy ban amid US/Iran conflict
Hungarian Prime Minster Viktor Orban urged on Sunday the European Union not to impose a ban on Russian Energy due to the expected increase in energy prices after the US bombings of Iran. The European Commission proposed on Tuesday a legally-binding ban on EU imports from Russia of gas and liquefied gas by 2027. Legal measures were used to ensure that EU members Hungary, and Slovakia could not block the plan. The proposals outline how the EU plans to put into law its pledge to end decades-old relations with Europe's former number one gas supplier following Moscow's invasion of Ukraine in 2022.
Orban, Orban: EU's plan to ban Russian imports of energy must be stopped
Viktor Orban, the Hungarian prime minister, told state radio that the European Union's plan of banning Russian energy imports should be stopped "by any means". EU executive announced earlier this month that the European Commission would propose next month legal measures to phase-out the EU's imports for all Russian gas, including liquefied gas, by the end 2027. The proposed ban has been opposed by Slovakia and Hungary who rely on Russian gas and oil supplies. We must stop the Ukrainians from trying to ban Russian gas in Europe. We must stop it at all costs.
EU diplomats suggest that military aid to Ukraine be doubled this year
According to a document from the diplomatic service of the EU, seen on Friday, it is possible that this year's military aid for Ukraine could be doubled to 40 billion euro ($43 billion). In the paper, which is an updated version from an earlier proposal that outlined Ukraine's needs but did not specify a specific figure, it also states that each EU member country participating in this effort should contribute according to its economic weight. As the future of U.S. support for Ukraine is uncertain, EU…
Hungary turns to Romania for help in diversifying its energy sources
Hungary wants to expand its gas sector cooperation with Romania to diversify energy sources. Their respective companies are already in negotiations for an agreement. Szijjarto stated that Hungary is keen to work with Romania in energy matters as Romania will soon become a net gas exporter as a result of a new offshore field starting production. In a few weeks, Romania could begin drilling at the Neptun Deep field, which is one of the most important gas deposits in the European Union. This will allow it to double its production and possibly become a net gas exporter.
EUROPE GAS - Prices at a new 15-month high due to cold weather and restocking fears
The Dutch and British wholesale prices of gas rose on Friday morning to a new 15-month high as the cold weather forecasts increased demand. There were also concerns about storage refilling due to tightness on the market. According to LSEG, the benchmark front-month contract for the Dutch TTF hub rose by 0.78 euros at 51.60 Euros per Megawatt Hour (MWh), which is $15.80/mmBtu at 0948 GMT. This was its highest level since October 20, 2023. The Dutch March contract increased by 0.50 euros to 52.22 Euro/MWh. The front-month contract in Britain rose by 2.25 cents to 132.00 pence per therm.
Orban: Hungary will block EU Russia sanctions the next time, unless Ukraine gas is transited again.
Hungarian Prime Minster Viktor Orban warned on Friday that he would block the next rollover in EU sanctions against Russia, unless Brussels helped achieve a restart of Russian Gas Transit via Ukraine which was stopped on January 1. Orban said on state radio that Ukraine's decision to stop Russian gas transit into Central Europe, and the price hike that resulted from it, was "unacceptable". The transit agreement expired, and Russian gas exports through pipelines in Ukraine ceased. Kyiv has refused to negotiate another transit agreement as the war against Russia's invasion enters its third year.
Hungary wants Ukraine to resume gas transit as EU sanctions are about to roll over
Viktor Orban, the Prime Minister of Hungary, said that the European Union should persuade Ukraine so it can resume the transit of gas from Russia into Europe. This is a controversial issue as the EU tries to extend sanctions against Russia in the next week. Hungary has yet to decide whether it will support the rollover of sanctions due at the end this month. The EU must renew sanctions every six-months and require unanimity from its 27 members to do so. Orban, who has a government that maintains closer economic and politic relations with Moscow than any other EU country…
Trump's complaint about the trade deficit with EU and what could come next
Donald Trump, President of the United StatesTrump has pledged to reduce a long-standing trade deficit between the United States and the European Union. He says he will do this by imposing tariffs, or forcing the EU to buy more U.S. gas and oil. In a memo entitled "America First Trade Policy", issued by Trump on his first day in the White House, he directed the Commerce and Treasury Departments and the U.S. Trade Rep to investigate the goods trade deficit and recommend measures before April. Ursula von der Leyen…
Document shows that ten EU countries have called for sanctions against Russian LNG and gas
A document obtained by revealed that ten European Union nations have asked the 27-nation group to ban the imports of gas from Russia. This comes as Europe is debating new sanctions against Moscow for its war in Ukraine. The EU is currently preparing its 16th set of sanctions against Russia's economic system, in advance of the third anniversary Moscow's invasion of Ukraine on a large scale. This will take place in February 2022. The 10 countries include the Czech Republic as well as Denmark, Estonia, and Finland. They want Europe to do more to target Russia's oil exports to reduce the revenue flowing to Moscow.
Orban: Hungary is in talks with Ukraine about Russian gas deliveries via Hungary
Viktor Orban, the Prime Minister of Hungary, said that Hungary was in talks with Russia, Ukraine and other countries to keep open gas deliveries via Ukraine, even though it imports Russian gas via Turkstream. The pipeline via Ukraine is one of the main Russian gas routes into Europe. However, it will close at the end this year because Kyiv doesn't want to extend the five-year transit deal that brings gas to Slovakia and the Czech Republic. Orban said in a press briefing: "We're now trying to pull off the trick...
Orban: EU sanctions against Russia must be rethought to reduce energy costs
Hungarian Prime Minster Viktor Orban stated on Friday that the European Union should reconsider its sanctions against Russia, as they keep energy prices high and hinder the bloc's competitiveness. At their informal summit held last week, the leaders of the European Union signed a statement on competitiveness. "Energy costs must be reduced by any means necessary." In order to lower energy prices, the sanctions must be re-evaluated. Orban stated that U.S. firms pay only a quarter the amount of their European counterparts for gas and electricity. This is a disadvantage which could not be overcome through other means.
Ukraine's Shmyhal talks energy security with Slovakian Fico
Denys Schmyhal, Ukrainian Prime Minister, began Monday talks with Robert Fico of Slovakia. He said the discussions would be centered on infrastructure co-operation, energy security and Kyiv’s peace plan. Fico, along with the Hungarian prime minister Viktor Orban, has been a strong critic of Western military assistance to Ukraine. The location of the meeting was not immediately known. "We will discuss the roadmap" Included in this is cooperation on infrastructure projects, economy and energy security. Shmyhal, on Telegram Messenger, said that Slovakia has always been willing to assist Ukraine in importing electricity.
Hungary Keeps Russian Credit Line for Paks Nuclear Plant
Hungary will keep its 30-year Russian credit line for the expansion of its Paks nuclear plant but could refinance parts of the project from other financial sources if that is justified, Prime Minister Viktor Orban's chief of staff said on Thursday. "We came to the conclusion that we will keep the 30-year Russian credit line ... and will ask the debt agency AKK to consider the most optimal financing condition at each phase of the project when the loan is drawn," Janos Lazar told a news conference. He said alternative refinancing could be from the Hungarian state budget or via solutions offered by the debt agency AKK.
Hungary, Russia to Start New Gas Supply Talks
Hungary has agreed to start negotiating with Russia on gas shipments after its supply deal expires in 2021, Hungarian Prime Minister Viktor Orban said on Thursday after meeting Russian President Vladimir Putin. Orban said Hungary strove for "open and transparent" relations with Russia and was trying to protect its economic and trade links, which have been seriously damaged by the sanctions imposed on Russia since 2014. "Hungary maintains its stance that non-economic problems cannot be handled with economic means ...
Hungary: Paks Nuclear Expansion Does Not Involve State Aid
Hungary's government believes a Russian-backed project to expand its Paks nuclear power plant does not involve state aid, Prime Minister Viktor Orban's office said in a statement to state news agency MTI on Monday. "The Hungarian government is firmly of the view that the Paks II project does not involve state aid, and any rational investor would implement the investment because the expected returns of the project are higher than the cost of capital invested," the statement said. It said Hungary had not…
EU Starts Legal Action Over Hungary Nuclear Project
European Union regulators started legal action against Hungary on Thursday over a contract it awarded to Russia's Rosatom to expand the Paks nuclear power plant, but Hungary said it would press ahead with its plans. The EU's executive Commission has been holding talks to try to resolve differences after Hungary chose Rosatom last year to build two new nuclear reactors, partly financed by a favorably priced Russian loan worth $10.7 billion. "The Commission raised concerns about the compatibility with the EU public procurement rules…