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May 24, 2016

Hungary working with Russia over energy supplies

Energy cooperation is a priority area in trade and economic relations between the two countries

Hungary is keen on forging relations with Russia over energy cooperation, according to the Tass news agency.

Despite the rolling back of the South Stream project, Hungary is interested in working with Russia to find alternative ways of channeling energy supplies.

"Despite the rolling back of the South Stream gas pipeline project, Budapest is still interested in further development of pragmatic cooperation with Russia in the area of the use of Russian hydrocarbons and in looking for alternative ways of their supplies to Hungary," the Russian ministry said.

The ministry stressed that energy cooperation is a priority area in trade and economic relations between the two countries.

According to the Russian foreign ministry, Russia accounts for about three fourths of Hungary’s oil consumption and two thirds of its natural gas consumption.

"Hungary’s MOL oil and gas company has won a firm stronghold in Russia, where it participates in oil production in the Tomsk, Orenburg and Samara regions," the ministry concluded.