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GAZPROM

December 20, 2012

Gazprom and Hungary highlight strategic significance of South Stream

The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Peter Szijjarto, Hungarian State Secretary for Foreign Affairs and External Economic Relations.

The parties discussed the cooperation between Russia and Hungary in the gas sector placing an emphasis on the progress with the South Stream project.

Alexey Miller and Peter Szijjarto highlighted the strategic significance of this gas pipeline for securing energy safety of Southern and Central Europe.

Background

In 2011 Russian gas supplies to Hungary totaled 6.26 billion cubic meters.

With a view to diversify the natural gas export routes, Gazprom is implementing the project for construction of a gas pipeline running under the Black Sea to the countries of Southern and Central Europe  the South Stream project.

In February 2008 Russia and Hungary signed the Intergovernmental Agreement envisaging Hungary's engagement into the South Stream gas transmission system project.

In January 2010 the South Stream Hungary Zrt joint project company (JPC) was set up to build the South Stream gas pipeline in Hungary. At present, the JPC shareholdings are split between Gazprom and MVM (Hungarian Power Companies).

In October 2012 the parties approved the final investment decision on building the Hungarian section of the South Stream gas pipeline. The section will be 229 kilometers long. South Stream was granted the status of a national significance project in Hungary.

On December 7, 2012 the project participants launched the construction of the South Stream gas pipeline at the Russkaya compressor station site near Anapa.

 

 

 

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