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Hungary imports oil from Iraq’s Kurdistan at expense of Russian crude: sources

A flame rises from a chimney at Taq Taq oil field in Arbil, in Iraq’s Kurdistan region, August 16, 2014. Picture taken August 16, 2014. Hungary has increased oil imports from Iraq’s Kurdistan region at the expense of Russian crude in a sign that Middle East producers could be gaining ground in a battle with Moscow for global market share, according to trading sources. This would also be the first confirmation of large Kurdish oil shipments to Europe as autonomous Kurdistan is locked in a standoff with Baghdad over lucrative exports and faces repeated sabotage of the pipeline carrying crude to Turkey’s Ceyhan port. Hungarian oil group MOL receives the bulk of its oil imports from Russia. But it has stepped up imports of oil from Kurdistan since the summer, the sources told Reuters without giving specific volumes, part of a wider increase in seaborne crude purchases for the […]

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Putin Offers Hungary Natural-Gas Deal

ENLARGE Russian President Vladimir Putin, center, and Hungarian Prime Minister Viktor Orban, right, arrive to speak to the media following lengthy talks at Parliament Tuesday in Budapest. Photo: Getty Images Russian President Vladimir Putin offered Hungary’s Kremlin-friendly government more favorable terms for natural-gas supplies during a visit to Budapest that underscored Europe’s challenge in defying Moscow over Ukraine amid reliance on Russia for energy. Under a new deal, Hungary will pay Russia only for the gas it actually consumes, as opposed to the volume it contracts, lowering costs for Hungarian authorities. Hungary relies on Russia for 70% of its gas, supplied under a 20-year contract that expires this year. Hungarian Prime Minister Viktor Orban said a political agreement on the gas deliveries had been reached, though technical details needed to be completed. He made a joint appearance with Mr. Putin in Budapest, a public-relations victory for a Russian president […]

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Hungarian Imports of Russian Diesel Fuel Via Ukraine Disrupted

BUDAPEST—Hungarian oil and gas company MOL Nyrt said on Tuesday that it has experienced disruptions in the supply of diesel fuel flowing through a pipeline from Russia via Ukraine. The company, which replied by email to questions posed by The Wall Street Journal, didn’t disclose the nature of the disruption. MOL said only that its “Russian partner fulfills its long-term contractual obligations.” Ownership of the diesel pipeline, however, has been in dispute between Ukraine and Moscow, as Kiev considers the Russian pipeline as Ukrainian property, a source close to the matter outside MOL said. MOL also imports crude oil from Russia via Ukraine, but the company said it hasn’t suffered disruptions so far and “hoped there won’t be any in the future.” MOL also said its refineries could be supplied with crude oil via an Adriatic pipeline, if necessary. Energy issues have been in the forefront in the bitter […]

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Hungary To Store Natural Gas for Russia’s Gazprom

By Margit Feher BUDAPEST–Hungary will store natural gas for Russian energy giant OAO Gazprom to help the Russian firm comply with its long-term delivery contracts should there be problems with its regular shipment routes, Hungary’s state-owned power firm MVM said Friday. One of Gazprom’s main shipment routes from Russia to Western Europe run through Ukraine. "Despite the Russian-Ukrainian conflict, shipments from Russia [to Hungary] are uninterrupted, the Russian partner is fulfilling its long-term contract obligations," MVM said. Under a contract with Gazprom Export LLC, Hungary will store 700 million cubic meters on behalf of Gazprom. Of that amount, 135 million cubic meters have already been pumped into Hungary’s storage facilities, MVM said in a statement. Storing gas for Gazprom will boost Hungary’s storage levels by more than 10%, increasing the country’s supply safety ahead of the winter, while the fee Gazprom pays for the service will also add to […]

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Hungary halts flow of gas to Ukraine

General view of the gas station near the border between Ukraine and Poland in the settlement of Drozdovychi, 120 km (75 miles) west of ukrainian city of Lviv. Hungary has stopped supplying gas to Ukraine through a “reverse flow” pipeline just days after the head of Russia’s Gazprom monopoly visited Budapest, Ukraine’s gas utility said. Naftogaz, the Ukrainian distributor, said Hungary had stopped transporting gas at 19.00 Ukrainian time on Thursday, notifying Kiev that it was halting supply “for technical reasons” until further notice. It came after Alexei Miller, Gazprom chief executive, on Monday met Hungary’s premier Viktor Orbán, Naftogaz said. The stoppage put further pressure on Ukraine and the EU ahead of trilateral talks with Russia in Berlin on Friday over restoring gas supplies to Ukraine after Gazprom suspended them because of a dispute over pricing and payment arrears. Hungary, together with Slovakia and Poland, have been helping […]

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