Hungary outlines cost to ditch Russian oil

Prime Minister Viktor Orban’s government told EU counterparts that it will cost at least $810 million to revamp Hungary’s oil industry, as Budapest continues to obstruct a block-wide ban on Russian crude, Bloomberg reports.

Hungary said 550 million euros ($580 million) were needed to overhaul its refineries to comply with the ban, and another 220 million euros for a pipeline from Croatia, according to people familiar with EU discussions this week and documents seen by Bloomberg. Additional funds may be needed to adapt to a potential price spike resulting from a ban on Russian imports.

Tags: oil, Oil refinery plant, oil pipeline

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