Russia and Hungary sign agreement on construction of two power-generating units at Paks Nuclear Power Plant

Tuesday, January 14, 2014

An agreement on cooperation in utilizing nuclear power for civilian purposes has been signed by representatives of the two countries on Tuesday in the Russian capital.

“The agreement envisions the building of two new power-generating units at Hungary's Paks Nuclear Power Plant,” said Russian President Vladimir Putin.

"The construction of the two new units will significantly increase Hungary's energy independence," said Putin. "This is a unique agreement, because more than 40% of construction related work will be done by Hungarian sub-contractors," stressed the Russian president.

“The construction of the two power units will pump about $3 billion in the Hungarian economy creating new jobs and the tax revenue will amount to more than $1 billion,” said the Russian president.

The agreement has been signed by Minister for National Development Zsuzsanna Németh and Sergei Kirijenko, president of Rosatom in the presence of Russian President Vladimir Putin and Hungarian Prime Minister Viktor Orbán.

Hungarian PM Viktor Orbán arrived for working visit to Russia on Tuesday.

According to the Russian president, bilateral ties between Russia and Hungary are regular and businesslike; the two sides cemented their partnership in various areas including politics, economy and parliamentary cooperation.

“Russia is one of Hungary’s key trading partners and the economic cooperation between the two countries is in Budapest’s interest,” said PM Viktor Orbán.

The Hungarian PM also underscored that Russia was Budapest’s major trading partner outside the European Union.

Last year, Putin and Orbán discussed broadening economic partnership in all possible fields. The Kremlin cited Viktor Orbán saying that today this goal has been achieved.

Moscow's Gazeta.ru cited an unidentified source saying that the contract will more than double the Paks power plant's capacity of about 2,000 MW and it could be worth up to 10 billion euros ($13.7 billion).

The Kremlin statement said Paks was responsible for producing 40 percent of the energy consumed by Hungary.

Hungary was a member of the now-defunct Soviet-led Warsaw Pact.

The statement added that Russia supplied about 80 percent of Hungary's oil and 75 percent of its natural gas needs.

Prime Minister Viktor Orbán: We've made an excellent deal. Regarding the South Stream pipeline Hungary will meet all its obligations.

We have inherited "few good things from communism, the Soviet-Hungarian energy agreement signed in 1966 was among them". The prime minister stressed that the nuclear energy agreement signed today is one of the conditions to maintain and strengthen Hungarian - Russian energy cooperation in the future.

Viktor Orbán appreciated Russian President Vladimir Putin's efforts strengthening Hungarian - Russian relations and also Russian - Central European relations. "In particular, we express our great appreciation to the President of Russia for helping Christian communities around the world," said PM Viktor Orbán.

Regarding economic issues, Russian - Hungarian relations from the present and future point of view are extremely important, they have already reached the level of strategic importance adding that Hungary's interest lies with more Russia investment, therefore, he and Vladimir Putin pledged to encourage more Russian investment in Hungary.

(Oroszország Hangja – voiceofrussia.ru – hungarianambiance.com)

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