Hungary's Új Piacok Kereskedőház on Tuesday signed a framework contract worth €1 billion with Russian energy company Minneftegazstroi, the head of the Hungarian Trade Office in Moscow told MTI.
Under the framework contract, Minneftegazstroi and Új Piacok Kereskedőház will call tenders worth €1 billion for the construction of a refinery and petrochemicals complex in the north Caucasus region with the aim of involving Hungarian companies in the project, said György Palásthy.
The entire complex, including a 450MW power plant and related infrastructure, is worth €7.43 billion, according to Minneftegazstroi's website.
The contract with Új Piacok Kereskedőház was signed in Moscow. The Hungarian delegation was headed by state secretary Róza Nagy. Representing Új Piacok Kereskedőház were CEO Tibor Szakács, Széchenyi Bank owner István Töröcskei, and Euroimmoenergie Magyaroszág owners Gábor Deák and Richard Leyrer.