Hungary to consider long-term Gazprom deal

Energy Trade

Minister of Foreign Affairs and Trade Péter Szijjártó received the CEO of Gazprom in his office yesterday, hinting at a long-term gas transmission agreement with the Russian company after the meeting, according to a report by government website kormany.hu.

"Gazprom is playing a leading role in Hungary’s natural gas supply, and as a result of the infrastructure development projects expected in the region, this will no doubt continue to be the case in the future," Szijjártó said.

“In the interests of Hungary’s long-term, secure natural gas supply, it is in our fundamental interests to maintain long-term, calculable and dependable cooperation with Gazprom, and accordingly, together with the director of Gazprom we are prepared to commence negotiations on a new, long-term gas transmission agreement," he added.

According to news site 444.hu, the last time Gazprom concluded a Hungary related long-term agreement was in 1995, when oil and gas company MOL signed a 20-year gas purchase deal with them. Since 2015 however, Hungarian Gas Trade Ltd., the current partner of Gazprom, inked only one-year deals.

As the BBJ reported in May, Szijjártó said that Hungary will seal another long-term gas supply deal with Russia later this year if U.S. energy giant ExxonMobil fails to take a decision on investing in a huge offshore project in the Black Sea. 

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.