Hungary and Slovakia on Monday signed a declaration of intent on the construction of the Eastring gas pipeline, a transmission route between hubs in Western Europe and the Balkan region and Turkey, according to state news agency MTI.
The agreement on the stretch of the pipeline that passes through the two countries was signed by Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and Slovakian Minister of Economy Peter Žiga in the presence of Slovakian Prime Minister Robert Fico.
Eastring will link the gas transmission systems of Slovakia, Hungary, Romania and Bulgaria, establishing a bi-directional connection between West European hubs and gas reserves in the Caspian region and the Middle East.
Eastring will have an annual capacity of 30-40 bln cubic meters of gas, Žiga said.
According to the projectʼs website, Eastring will not own or sell any natural gas and once available, all its capacity will be offered to any shipper or supplier.
"Once built, Eastring will offer direct and most cost-effective transportation route in between the Balkans and the rest of Europe. It will enhance the security of supply as well as it will bring the opportunity of diversification of natural gas sources," says the site.