MVM, Gazprom Export to discuss increased gas deliveries

Energy Trade

Officials of the state-owned Hungarian Electricity Works (MVM) and Russian Gazprom will discuss further deliveries of gas from Russia to Hungary in a meeting this week, Hungarian business daily Világgazdaság reported today.

The current meeting is the follow-up of last week’s discussions in Vienna by Development Minister Miklós Seszták and his Russian counterpart Alexander Novak.

According to Világgazdaság, the Russian seller is seeking guarantee that the gas aimed to boost Hungary’s energy security will not turn up on international markets.

The HUF 100 bln cost of the gas surplus is provided by a loan from MVM’s owner to its gas trade unit Magyar Földgázkereskedő, according to recent press reports. The paper noted that it is not clear whether the amount of money is used entirely for the acquisition only or for covering the costs of delivery and storage as well.

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