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Hungary to purchase 4.2 billion cubic metres of Russian gas

Hungary to purchase 4.2 billion cubic metres of Russian gas

Budapest, June 24 - Neftegaz.RU. A trade agreement has been signed for Hungary to purchase a total of 4.2 billion cubic metres of gas from Russia’s Gazprom between October this year and next year, Foreign Minister Péter Szijjártó said on June 23 in Moscow.

Szijjártó said that he was also starting talks on the period after next autumn. “Our goal is to sign a long-term agreement for 3 times 5 years which can be cancelled at the end of each five-year period,” he added.

“This would secure long-term supplies for us and it would also enable us to renegotiate or possibly quit the agreement in case better opportunities arise and the international energy market changes,” the foreign minister said.

Szijjártó said Hungary was buying 2 billion cubic metres of gas to fill storage facilities this summer and transports had already started.

In 2019, Gazprom exported an estimated 9.3 billion cubic meters of gas to Hungary from the year’s beginning through October 29, and that is already a 22 % increase compared with the total gas supplies to Hungary recorded in 2018. In 2018, Gazprom supplied to Hungary 7.6 billion cubic meters of gas, an increase of 9.3 % (7 billion cubic meters) from 2017.