Slovakia Has Decided To Replace Russian Oil

Supplies from Saudi Arabia, Norway and Kazakhstan.

Left without supplies through the Druzhba oil pipeline, which was damaged in Ukraine by a Russian raid, Slovakia has decided to do what the rest of the European Union wants it to do. Refining company Slovnaft, which has been 100 percent dependent on Russian oil, has ordered seven tankers from Saudi Arabia, Norway, Kazakhstan and Libya, Reuters reported. The crude will be delivered to a Croatian port due to the cessation of pumping via Druzhba, CEO Gabriel Szabo said on Wednesday, and from there via the Adria pipeline.

The purchases will allow the Slovnaft refinery, a unit of Hungary's MOL, to restore operations to full capacity from April. Until then, output will be reduced - from the middle of next week, oil will be taken from strategic reserves, which, according to EU regulations, must contain at least 90 days' worth of raw materials. "There are no risks to security of supply in the short term," a European Commission spokesman said the day before, referring to both Slovakia and Hungary, which has also been left without Russian oil. The EC is consulting with Ukraine on the timing of the Druzhba repair, he added.

The Czech Republic is also ready to help Slovakia by sending a "small volume" of oil via Druzhba in the opposite direction (the pipeline reaches the Czech Republic, but it stopped receiving Russian crude earlier). Economy Minister Karel Havlicek said larger shipments would require technical changes, which he discussed with Slovak Prime Minister Robert Fitzo: "We are ready to immediately start preparing technical and investment measures and ensure [larger] shipments within a year."

The Druzhba was damaged on January 27. There were no deliveries on it in February, according to data compiled by Bloomberg.

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