Page 6 - bne IntelliNews monthly magazine April 2025

6 I Companies & Markets bne April 2025
southern branch of the Druzhba pipeline continues to operate under exemptions granted to certain Central European nations.
In September, Ukraine approved an agreement enabling Hungary to continue purchasing Russian oil, despite Kyiv imposing sanctions on one of its key suppliers. Under the deal, the fuel is deemed Hungarian as soon as it enters Ukrainian territory, allowing it to transit the country.
Budapest has consistently opposed EU efforts to further curtail reliance on Russian energy.
At last week's extraordinary EU summit, Prime Minister Viktor Orban blocked what would have otherwise been unanimous backing from European leaders for a statement reaffirming support for Ukraine and tougher sanctions on Moscow.
Hungary's largest oil exporter MOL has benefited greatly from buying discounted Russian oil. MOL’s refining margins have been bolstered by the price gap between Russian Urals crude and alternative benchmark grades such as Brent. This cost advantage has helped the company maintain strong profitability, particularly as it supplies fuel to Hungary and neighbouring markets.
Georgian prime minister doubles down on commitment to develop Middle Corridor during visit to Central Asia
bne IntelliNews
Georgian Prime Minister Irakli Kobakhidze has been in Uzbekistan and Turkmenistan where he met with his counterparts to discuss strengthening bilateral ties, with a particular focus on connectivity.
This comes against a backdrop of deteriorating relations between the Georgian authorities and the West, following the ruling Georgian Dream party’s suspension of its path to EU membership in November 2024.
Specifically, the Georgian and Central Asian leaders vowed to develop the Trans Caspian International Transport Route project, or Middle Corridor, an alternative transit route that connects East Asia to Europe via Central Asia and the Caucasus while bypassing Russia.
Prior to meeting Uzbek officials, Kobakhidze stated that “coop- eration with Central Asian countries in general, and Uzbeki- stan in particular” was central to development of “connectivity” between the countries, Georgian media reported.
During separate meetings with the chair of Uzbekistan’s Senate Tanzile Narbaeva and Vice Prime Minister Jamshid Khodjayev, visiting Georgian officials cited several development initiatives in the Caucasus country including plans for a new international airport in Tbilisi and the Anaklia port on the Black Sea, Georgia’s East-West Highway and the Baku-Tbilisi-Kars railway, pointing out that these projects “align with the Middle Corridor initiative”.
“We want to maximise [Georgia’s] contribution to development of the Middle Corridor,” Kobakhidze stated.
www.intellinews.com
During a meeting with the Uzbek Prime Minister Abdulla Aripov, Georgia and Uzbekistan were described as “stable trading partners”.
Kobakhidze also reiterated Georgia’s commitment to the Middle Corridor to the Uzbek PM and highlighted the transit route’s importance in facilitating regional trade and economic integration on both sides.
Following his meeting with the Uzbek President Shavkat Mirziyoyev on March 5, the Georgian prime minister wrote on X that he and his counterpart “engaged in a meaningful and productive discussion on bilateral and multilateral relations between Georgia and Uzbekistan, underscoring the special nature of our ties, which are founded on friendship and mutual respect”.
Turkmen President Serdar Berdimuhamedow welcomes Georgian Prime Minister Irakli Kobakhidze to Ashgabat. / gov.ge