Szijjártó said expanding the available sources of gas is "the only solution" to resolving the situation in the energy market. That situation is "killing" Europe's competitiveness, he added, noting that local gas prices are seven times those in the United States.
He acknowledged the role LNG could play in Hungary's energy diversification but said network capacity would need to be expanded, whether that LNG comes from Croatia, Greece, Turkiye, or Poland, and such developments would require European Union funding.
He noted that Hungary has reached a political agreement on getting 100 million cubic meters of Azeri gas this year and raising that volume to an annual 2 bln cubic meters after a long-term contract is signed.
He said experts are warning that the next heating season could be "far more difficult" than the present one as the market manages a 50 bln cubic meter shortfall because of the absence of Russian gas, increased global demand due to the post-pandemic re-opening of the Chinese economy and limits on new LNG capacity.
Although some people in Brussels may not want to spend any more money on gas infrastructure, Szijjártó said that infrastructure is necessary until new technologies, such as hydrogen, can replace gas.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
