Kazakhstan Ships First Oil Shipment to Hungary

KazMunayGas (KMG), Kazakhstan's national oil and gas company, announced that it has exported its first batch of oil to Hungary via Croatia.

"The first shipment of Kazakh oil in the volume of 85,000 metric tons was implemented as part of the strategic expansion of cooperation between KazMunayGas (KMG) and MOL Group (Hungary) to a Hungarian refinery. Marine transportation from the port of Novorossiysk to the Croatian port of Omisalj was provided by national carrier Kazmortransflot (a KMG subsidiary) on their Alatau tanker," the company said, The Caspian Post reports citing TASS.

"This step enables Kazakhstan to significantly expand the geography of KMG oil exports to markets of the European Union," the company added.