MGYOY Mol Magyar Olay Es Gazipari Rt (PK)

By Veronika Gulyas

BUDAPEST--Europe can't avoid imports of Russian oil and natural gas in the short term, Zsolt Hernadi, chief executive and chairman of MOL Nyrt. (MOL.BU), said Thursday.

Possible gas imports from alternative sources such as Azerbaijan or liquefied natural gas from the U.S. would not be ample enough to support growth and would only make up for a shortfall in imports from North Africa.

Mr. Hernadi, speaking at a press conference after the company's annual general meeting, added that regional transport links must be developed to ensure supply security.

"Too sad there has to be a crisis in order for such development to gain enough focus," he said, referring to the political tensions between Russia and Ukraine.

Write to Veronika Gulyas at veronika.gulyas@wsj.com