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Oct 05, 2017

Hungary will renew its contract with Gazprom when it expires in 2021

Along with the Paks enlargement project, the foreign minister said recent developments are a major step toward securing the safety of Hungary’s energy supply

Hungary has announced that it will renew its contract with Gazprom when it expires in 2021.

Péter Szijjártó, minister of Foreign Affairs and Trade, said the Russian giant will also store 900 million cubic meters of gas in Hungarian storage facilities this year.

“It also appears to be evident that the implementation of the southern gas corridor is going to plan," the minister announced during an official visit to Moscow on Wednesday. 

"The negotiations between Gazprom and Bulgaria as well as between Gazprom and Serbia ensure that if we ourselves adhere to the schedule that was laid down originally, 6 billion cubic meters of gas will appear at the southern border of Hungary by the end of 2019," the minister said.

Minister Szijjártó also pointed out that Hungary will work with Bulgaria and Serbia to deliver their own infrastructure projects. Along with the Paks enlargement project, the minister said recent developments are a major step toward securing the safety of Hungary’s energy supply.

“The Paks enlargement is not just about the construction of an energy infrastructure facility, but it is a comprehensive economic development plan," Minister Szijjártó said.

The minister described the Paks enlargement as the best deal of the century for Hungary. The construction project itself will create 12,000 jobs, and the number of workers involved in the project, including service providers and suppliers, may reach 40,000.

The minister also highlighted that Hungarian businesses will be responsible for the implementation of 40 percent of the project which will generate additional sales revenues worth 5 million EUR.