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Hungary to consider long-term Gazprom deal

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.