Hungary’s energy company Mol has entered into a strategic agreement with Libya’s National Oil Corporation (NOC) to diversify its crude oil sources. The partnership aims to enhance supply security and expand Mol’s access to Libyan crude.
Under the agreement, both companies will collaborate on crude supply and related activities, strengthening their business ties. This move is part of Mol’s broader strategy to secure stable and varied energy inputs amid changing global markets.
**Why this matters**
Diversifying crude supply is crucial for energy companies to reduce dependence on single sources and mitigate risks associated with geopolitical instability. By partnering with Libya’s NOC, Mol seeks to ensure a more reliable and flexible supply chain, which can contribute to energy security in Hungary and the surrounding region.