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.

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