Russia, Hungary Reach Long-Term Gas Supply Deal

Photo: EPA

Hungary and Russia have agreed on all terms for a new long-term gas supply agreement to go into effect on October 1, Foreign Minister Peter Szijjarto announced on his Facebook page on Monday, Reuters reports.

Szijjarto stated that the Gazprom arrangement is set for 15 years, with the option to change acquired volumes after 10 years.

According to Szijjarto, the agreement will be finalized in September. He added that Gazprom would deliver 4.5 billion cubic meters of natural gas to Hungary each year via Serbia and Austria.

Gazprom stated that it met with Szijjarto but provided no further details.

The majority of exports under the new deal, according to Szijjarto, would arrive via a new interconnector at the nation’s border with Serbia, which will be functional by October.