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Gazprom to expand in Hungary

OAO Gazprom, Russia's state-controlled natural-gas export monopoly, plans to expand in Hungary and is examining plans to build new pipelines and to buy power generators and petrochemical makers, daily Magyar Hírlap reported.

Gazprom, which supplies a quarter of gas consumed in Europe, plans to extend long-term contracts for gas supplies to Hungary and pump more of the fuel across its territory, the Russian company said today in an e-mailed statement. Gazprom also plans to sell gas to Hungarian end-users. Minister of Economic Affairs and Transport János Kóka, Finance Minister János Veres and CEO of Hungarian oil and gas company MOL Zsolt Hernádi met with CEO of Russian gas company Gazprom Alexei Miller in Moscow yesterday and agreed to go forward with the idea of turning Hungary into a gas transit hub. MOL and Gazprom decided to set up a working group to design proposals which will increase the security of gas supply to Hungary and Central Europe.