Hungary can become a major gas distribution center - Russian ambassador

Tuesday, March 24, 2015

Russian ambassador to Budapest Sergeyev Vladimir Nikolaevich said to "Napi Gazdaság" that Hungary could become a major gas distribution center of Europe in the near future.

Hungary is very much interested in the prospect to become a regional gas distribution hub, as this would improve the country's gas supply and security. With almost six billion cubic meters of storage capacity Hungary has the fifth largest underground storage facility in the European Union. According to the ambassador, the storage reservoirs could be filled with Russian gas in the foreseeable future.

The ambassador stressed that such a big project can't be realized without major political cooperation between the two countries, which would raise the level of strategic partnership between Russia and Hungary to an unprecedented level based on mutual benefits.

The ambassador pointed out that according to an agreement between Gazprom and MVM the end of last year 700 million cubic meters of Russian gas stored in various storage facilities in Hungary, which guaranteed that Hungarian consumers receive enough gas supply during the winter season.

The ramifications of the Turkish Stream

The ambassador pointed out that due to the fact that the EU torpedoed the South Stream pipeline project that Gazprom planned to jointly develop with other countries of the region, the Turkish Stream received priority - the new pipeline will reach the Greek-Turkish border. The question, however, is how to get the gas to Hungary through other states in the region.

When asked whether Gazprom would participate in the construction of a pipeline that could link Hungary with the Turkish Stream the ambassador replied: "If it finds the project profitable it may join the investors of the project, but it is not likely that Gazprom will play a leading role in the construction of the new pipeline."

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