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EC to invest up to € 2 billion in infrastructure in countries that will have problems dropping Russian oil

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“While in most cases the world market allows for a quick and efficient replacement, some Member States are more dependent on Russian oil through pipelines,” and “specific investments are needed to ensure oil security,” the European Commission’s “Repower EU” plan said. destined for the EU’s rapid removal of hydrocarbons from Russia, informs Agerpres.

The EU executive provides budget allocations for both oil transportation and “specific investments in reconfiguring and improving the refining of petroleum products.”

This is because Russian oil is heavier than other types of oil, such as Saudi oil, and there are countries, such as Hungary, with oil refineries ready for this time and in need of “technological change”.

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“The total investment to ensure security of oil supply is estimated at 1.5-2 billion euros,” the EC said in a statement.

Brussels has proposed a sixth package of sanctions against Moscow, which provides for a gradual ban on Russian oil purchases in the EU, which in 2021 amounted to 74 billion euros.

The sanctions package has been met with opposition from Hungary and strong reluctance from other countries, such as Slovakia and the Czech Republic, as well as from shipping companies such as Greece, Cyprus and Malta.

Community sources said that in the case of Hungary, the investments will be “several hundred million euros”. However, these will be conditioned by Budapest’s observance of the rule of law, as requested by Brussels.

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