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Hungary reaches deal 'in principle' on Russian gas purchases

Energy Trade

Hungary has reached an agreement "in principle" on a long-term contract for buying gas from Russia, Minister of Foreign Affairs and Trade Péter Szijjártó said after talks with Gazprom CEO Alexey Miller at the St. Petersburg International Economic Forum, according to a report by state news wire MTI.

"We would like the term of the new agreement to extend for 15 years, with flexible pricing," Szijjártó said.

Hungary's current gas delivery contract with Russia expires at the end of September.

Szijjártó said he had also discussed accelerating the pace of the upgrade of the Paks nuclear power plant with Rosatom CEO Alexey Likhachev.

Rosatom is the general contractor for the construction of two more blocks at Hungary's only commercial nuclear power plant.

Szijjártó said conditions would be in place to start the second phase of construction by the end of September, around the deadline for the National Atomic Energy Office (OAH) to respond to the application for the Paks II implementation license.

By next year, the first concrete elements could be put in place, he said, adding that Rosatom has practically completed an investment it is working on in Belarus, allowing it to concentrate its capacity in the region in Hungary.

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