This is the first long-term contract in Hungary’s history with a Western player: the Foreign Minister pointed out the seriousness of the situation.

A historic long-term gas purchase agreement has been reached with Shell, the capacities required for regasification have been compromised, thus fulfilling both conditions for the arrival of liquefied natural gas (LNG) from the Krk LNG terminal, Péter said. Szijjártó this Friday in Budapest.

The Minister of Foreign Affairs and Trade explained that from January 1, 2021 to October 1, 2027, MVM’s natural gas trading company Magyar Villamos Művek Zrt.

One billion cubic meters of liquefied gas will arrive each year, which will be transported to Hungary via the Hungarian-Croatian gas pipeline after regasification. All of this means that by the end of 2027, ten percent of Hungary’s gas needs will be covered from the Krk LNG terminal. “

The politician said that he had previously received a luxury yacht.

According to Szijjártó, a long-term purchase contract has been signed with Shell for six years, with the purchase of 250 million cubic meters of liquefied gas per year. “This is the first long-term contract in Hungary’s history with a Western player. The contract was concluded at a competitive price, as a result of which the results and achievements of Hungary’s reduction of overhead costs can be protected.”

Péter Szijjártó said that two aspects are taken into account when deciding on the supply of gas from Hungary: the reliability of the supply and the price. Partly due to the coronavirus and partly due to the severe overproduction crisis that preceded it, the price of LNG fell below that of the pipeline. Therefore, it was decided to increase the role of LNG in the country’s gas supply. There are two preconditions for this: one is the reserve of capacity at the gasification ports where the gas can arrive, and the other is that a source must be purchased.

The minister said that gas is currently the most important role in energy supply, making the country’s gas supply a critical issue. In recent years, the government has made the necessary investments and concluded the necessary agreements, so today it can be said that Hungary’s gas supply is secure in the long term. Connections with neighbors have been built and Hungary now has six gas pipeline connections from seven neighboring countries. According to him, a trustworthy and fair relationship has been established with Eastern and Western companies.

and the cooperation will continue in the future, as it is in the interest of the country to bring gas into the country from as many sources as possible.

Captain István, Shell’s global vice president, said the company is a pioneer in the liquefied natural gas (LNG) industry, with more than 50 years of experience in the production, marketing, storage and transportation of LNG. According to him, the use of natural gas as a cleaner fossil fuel can help meet the growing demand for cleaner and cleaner energy, replacing coal or other liquid fuels.



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