Szijjártó: Russia secures gas for 3-5 years for Hungary

Energy Trade Botár

According to the agreement signed yesterday by Hungary’s Prime Minister Viktor Orbán and Russia’s President Vladimir Putin, the amount of gas Hungary can request from Russia will be enough to supply the country for a period of 3-5 years, Hungary’s foreign Minister Péter Szijjártó said on state-owned television late yesterday.

The foreign minister noted that Hungary has still not consumed 22 billion cubic meters of gas as it is required to, based on a contract, which expires at the end of this year. Szijjártó said relevant specialists will work out a price formula for the gas that is reasonable for both countries, adding that the agreement on prices must take into account trends in the global market.

The minister referred to the gas delivery agreement as an “independent issue” insisting that it is not connected to any other issues between the two countries. He added that it is in Hungary's best interest that Gazprom put as much gas as possible in the 7 billion-cubic-meter capacity stores in the country to raise revenue and boost energy security. Gazprom stored 700 million cubic meters of gas in Hungary last year, and there is political interest in increasing that amount, according to Szijjártó.

Following the suggestion of EU’s top energy official Maros Sefcovic that Hungary should include the European Commission in negotiations regarding Hungary’s long-term gas contract with Russia, the foreign minister said that the EU “should pay as much attention to compliance with infrastructure regulations as it does to whether certain future contracts are in accordance with EU rules”, Hungarian news agency MTI reported. Szijjártó noted that Hungary may not buy gas from Romania or Croatia because neither has completed the necessary infrastructure investments and are therefore in violation of EU rules.


E-scooters More Popular Than Bikes at eMag Analysis

E-scooters More Popular Than Bikes at eMag

Parliament Negates Mandatory Membership in MOK Parliament

Parliament Negates Mandatory Membership in MOK

Civita Group Inaugurates HUF 2.5 bln Pasta Plant Manufacturing

Civita Group Inaugurates HUF 2.5 bln Pasta Plant

Service Restarted on Full Length of Metro Line M3 City

Service Restarted on Full Length of Metro Line M3


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.