Gazprom, Hungarian Gas Trade and the Hungarian government have signed an agreement regarding the prospects of gas supplies, storage and transmission capacities in the Hungarian territory.
They have agreed on a roadmap for the implementation of new measures to develop Hungary's gas transmission system, including connecting the domestic gas transmission network to the TurkStream project. Gas will be delivered to Hungary via the TurkStream pipeline by the end of 2019.
Gazprom reported that Russian gas exports to Hungary amounted 5.7 bcm in 2016. Hungarian Gas Trade (Magyar Földgázkereskedő.) is the main gas supplier in Hungary. It is a subsidiary of the state-held MVM Group, the largest Hungarian power company (generation, distribution and sale of electricity activities along with gas pipeline construction and gas storage).
The TurkStream gas pipeline interconnection project will consist of two strings of 15.75 bcm/year each (total capacity of 31.5 bcm/year), delivering Russian gas to Turkey and its European neighbours. The first string of the gas pipeline is intended for Turkish consumers from 2018 onwards, while the second string will deliver gas to southern and south-eastern Europe by 2019.