Today, at Gazprom’s Headquarters, Alexey Miller, Chairman of Gazprom’s Management Committee met with Janos Veres, Finance Minister of the Republic of Hungary and Janos Koka, Hungarian Economy and Transport Minister.

The parties discussed issues of long-term collaboration in the oil & gas sector.

Taking into consideration Hungary’s growing natural gas needs, the parties addressed the possibility of extending the long-term contracts for Russian gas delivery and transit.

In this regard a priority was given to the development of new gas transmission capacities in Hungary (with the view of boosting Russian gas deliveries and transit to Europe) and marketing of gas to Hungarian end consumers.

The parties reviewed matters in regard to Gazprom’s involvement in the upgrading and operation of existing and construction of new underground gas storage facilities, both to meet Hungary’s gas needs and store transit gas.

Furthermore the parties discussed the issue of Gazprom’s participation in energy and petrochemical projects in Hungary.

The parties confirmed their interest in developing long-term mutually beneficial cooperation between Gazprom and Hungary’s energy companies.

Reference:

First launched in 1975, some 164 bcm of Russian natural gas has been supplied to Hungarian Republic over a 30-year period. Russia supplies about 80% of Hungary’s total natural gas imports. In 2005 Gazprom provided Hungary with some 9 bcm of gas.

Russian gas is piped to Hungary under long-term contracts stipulating annual increases in gas supplies.

Hungary transits Russian gas to Bosnia, Serbia and Montenegro, with a total of 2.4 bcm transmitted over 2005.