New energy deal: Hungary to store Serbia’s gas

Hungary and Serbia have reached an energy deal for ensuring both countries’ energy security which is more comprehensive and significant than any agreement signed hitherto, Foreign Minister Péter Szijjártó said in Belgrade on Friday.

At a joint press conference held with Serbian Finance Minister Sinisa Mali, Szijjártó noted “unbelievable global uncertainty”, with a world economy in the process of undergoing transformation and sanctions “shaking fundamental truths”.

A few years ago, no one would have expected the main point of contention in energy procurement talks would not be price but the very possibility of purchasing a sufficient quantity of energy, and no one expected energy supply security to be such a critical issue. In two contracts, Serbia has now entered an alliance which “guarantees secure and predictable energy supply to our countries under all circumstances,” he said.

In line with one of the contracts, Serbia will acquire gas via Hungary and will store in Hungary 500 million cubic metres of natural gas in the upcoming winter season,

he said.

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Hungary and Serbia already maintained excellent cooperation in the area of natural gas, with a significant portion of natural gas supplies for Hungary arriving from the south, through Serbia, including 1.7 billion cubic metres this year, he said. The new agreement will ensure that Serbia has undisturbed natural gas supplies in the upcoming winter season and, at the same time, “confirms Hungary’s role in the area of secure energy supplies for the region,” he added.

Starting from July 1, natural gas purchased by Serbia will be stored in Hungary and from October 1, it will be supplied in daily portions of 3-6 million cubic metres.