Naftogaz and the Hungarian conglomerate MOL have signed a memorandum of understanding on the joint development and implementation of a project to create strategic fuel reserves in Hungary. According to the document, the storage capacity will be used to serve the Ukrainian market.
Serhiy Fedorenko, acting chairman of Naftogaz’s board, noted that this project will allow part of the reserves to be stored outside the range of Russian strikes, which is an important step in ensuring the stability of Ukraine’s fuel market.
Fedorenko emphasized that the project’s implementation will not only enhance the reliability of fuel supplies but also promote the mutually beneficial development of energy infrastructure between Ukraine and Hungary. The company also continues to collaborate with international partners to strengthen Ukraine’s energy security.
In Ukraine, approximately 6% of gas stations have been destroyed over the past six months, complicating efforts to build up minimum reserves of petroleum products amid the war. Russian attacks are systematically destroying oil depots and other fuel infrastructure facilities.
As a result, Ukraine has an increasing need for underground storage facilities for fuel, especially as attacks in certain regions have led to changes in gas station operating rules and reductions in fuel volumes in storage tanks. The law allows for a portion of the strategic reserve to be stored abroad, but in practice, there are challenges regarding the availability of storage tanks and logistics.
