First Crude Oil Shipment Underscores Growing MVM-MOL Partnership
The collaboration between MVM Group and MOL Group has resulted in the first joint cargo of Azeri crude oil reaching the port of Omišalj on the Adriatic coast. The vessel left the Ceyhan terminal in Turkey and brought in 92,000 tonnes of Azeri Light crude oil from the Caspian region. In addition to supporting goals for crude diversification, the collaboration between the two businesses and the recently delivered Azeri crude will increase the flexibility and security of the region’s supply.
In order to further diversify the region’s energy supply, a commercial agreement was announced in May, and the arrival of the tanker carrying more than 92,000 tonnes of crude oil represents a concrete milestone in its execution. Up to 160,000 tonnes of alternative crude oil might be processed annually in MOL’s refineries as a result of the partnership.
“The agreement and the arrival of the shipment marks the launch of a new supply chain that we can build on in the long term. It is of key importance for MOL Group that landlocked countries also have access to secure, predictable, and competitive sources of supply. The current shipment has proven that the joint logistics and commercial model is viable,” said Gabriel Szabó, Executive Vice President of Downstream at MOL Group.
As part of the cooperation, MOL and MVM jointly provide the transport of crude oil from the Caspian region, leveraging MVM’s condensate trading opportunities originating from its stake in the Shah Deniz field, as well as MOL’s logistics and refining capacities.
“Strengthening domestic supply security is one of the key objectives of MVM Group’s strategy, so it is a significant and welcome milestone for us that, within the framework of the commercial agreement concluded with MOL Group, the arrival of the first joint shipment allows MVM to contribute to this goal through its share of condensate produced in the Shah Deniz offshore gas field. The smooth management of the first joint logistics and commercial process is a credit to both participants and lays the foundation for a predictable cooperation model,” said Réka Martini, Director of Strategy and Transactions at MVM Group.
Through the cooperation of the two companies, this is the first shipment to arrive in the region that is not only based on MOL’s own sources but also includes volumes marketed by MVM. Further shipments are expected in the coming months, with the goal of establishing a regular, predictable supply chain between the Caspian region and Central Europe.
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