Russia, Hungary approve final investment in South Stream

Russia and Hungary have approved final investment for building the 229-km Hungarian section of the South Steam natural gas pipeline. The agreement occurred during meetings in Budapest between Gazprom and Hungary’s state-owned national gas transmission system operator MVM.

Hungary also gave the project official “national significance” standing. MVM described the project as a significant step towards becoming an integrated national energy group with a regional reach.

The two countries completed intergovernmental agreements towards Hungary’s participation in South Stream in February 2008. A basic cooperation agreement to build the pipeline through Hungary followed in March 2009. Russian gas supplies to Hungary totaled 6.26 billion cu m in 2011.

Russia and Bulgaria agreed in earlier this year to reach a final investment decision on South Stream by Nov. 15 (OGJ Online, Aug. 30, 2012).

Contact Christopher E. Smith at chriss@ogjonline.com.

Related Articles

WINTER HITS U.S. INDUSTRY, STRAINS GAS SUPPLY

01/01/1990 A record breaking cold front before and during the weekend of Dec. 23 shut down several major refineries and petrochemical plants in the U.S. Gulf ...

TEX/CON, SPUN OFF FROM BP, UP AND RUNNING

01/01/1990 BP Exploration Western Hemisphere has spun off its U.S. Lower 48 onshore exploration/development and gas gathering, transportation, and marketing a...

SAMEDAN BUYS GULF OF MEXICO PRODUCTION

01/01/1990 Samedan Oil Corp. has expanded its inventory of producing leases in the Gulf of Mexico. The wholly owned subsidiary of Noble Affiliates Inc., Ardmo...

OIL FLOW RISING IN E. CHINA REGION

01/01/1990 Production is building from an oil producing area in the lower reaches of the Yangtze River in eastern China's Jiangsu Province. The northern J...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected