Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee paid today a working visit to the Republic of Hungary. Leonid Chugunov, Head of the Project Management Department also joined the trip.
As part of the visit a meeting was held with Csaba Baji, Chairman and Chief Executive Officer of MVM. A new shareholders agreement of the South Stream Hungary Zrt. joint project company was signed.
Within the signed shareholders agreement the parties approved the final investment decision for building the Hungarian section of the South Stream gas pipeline. The section will be 229 kilometers long.
In addition, the Hungarian party announced that the South Stream gas pipeline was granted the status of a national significance project in Hungary.
“The project for building the South Stream gas pipeline jointly with our Hungarian partners is a crucial element in the new architecture of the European energy security. Such a system is able to ensure uninterrupted gas supplies and provide Hungary with long-term benefits and stability,” said Alexander Medvedev.
“With the Hungarian Government's support, we are committed to increasing energy security and diversifying the routes of natural gas supply to the European Union. The South Stream project is an important part of our long-term strategy and represents a significant step towards realizing our ambitions on transforming MVM into a successful integrated national energy group with a regional reach and a solid reputation on the market,” said Csaba Baji.