UPDATE: Hungary says ready for new long-term deal with Gazprom

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BUDAPEST, Aug 24 (PRIME) -- Hungary is ready to conclude a new long-term gas supply contract with Gazprom in autumn, Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto said on Tuesday.

“Our long-term gas supply contract with Gazprom will expire soon, and we are ready to conclude a new one,” Szijjarto told his Russian counterpart Sergei Lavrov.

According to Szijjarto, signing of a new contract is already at its final stage. The latest details will be discussed with Gazprom’s CEO Alexei Miller in St. Petersburg on Monday.

“I think that we will be able to conclude another mutually beneficial 15-year contract in autumn for the sake of Hungary’s energy security,” the Hungarian minister added.

“As for the contract, I will come to St. Petersburg on Monday, August 30, to deal with the remaining issues of price and flexibility. We will discuss all of that in person.

“Of course, we want to negotiate a price that would reflect not only the current market situation, but also the fact that so far we have been a transit country for Gazprom to Serbia, Croatia, Bosnia and Herzegovina, and now, with the direction changing, our transit status will largely be gone and we will have losses.”

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