Hungary, Russia ‘favorably’ modify long-term gas delivery agreement
Hungaryʼs long-term gas delivery agreement with Russia was modified at the St Petersburg International Economic Forum on Friday, with prices “favorably changed for Hungary”, Minister of Foreign Affairs and Trade Péter Szijjártó told Hungarian news agency MTI.
Hungaryʼs long-term gas delivery agreement with Russia was extended until the end of 2019 at a meeting between Hungarian Prime Minister Viktor Orbán and Russian President Vladimir Putin in February.
Szijjártó said he met with Denis Manturov, Russiaʼs minister of industry and trade; Alexey Miller, chairman of the management committee at Russian energy firm Gazprom; Russian Minister of Energy Alexander Novak; and Sergey Kiriyenko, CEO of Russian atomic energy firm Rosatom.
He said he told his partners at the talks that preparations for an upgrade at Hungaryʼs Paks nuclear power plant are “going according to plan”, and the two new blocks are expected to go online in the mid-2020s.
Rosatom is the general contractor for the upgrade.
Szijjártó said the idea of involving the state-owned Hungarian Electricity Works (MVM) with other nuclear power plants that Rosatom is currently constructing was brought up. Six such plants are being built outside of Russia at present, he added.
Szijjártó also signed an agreement under which Magyar Eximbank will finance an order for 700 railway carriages for Egyptʼs state railways by a Hungarian-Russian joint venture. The order is worth €600-700m, he added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.