Hungary signs 15-year gas contract with Gazprom

Hungary has signed a 15-year gas purchase agreement with Gazprom which will ensure the country's long-term energy security, Peter Szijjarto, the minister of foreign affairs and trade, said on Monday. Under the agreement, Hungary has pledged to buy 4.5 billion cubic meters of natural gas each year from the Russian energy giant over a period of at least ten years, Szijjarto said at the signing ceremony on Monday. Hungary will have the opportunity to modify the amount purchased after ten years, he added. Gazprom will deliver 3.5 billion cubic meters via the Serbian-Hungarian interconnector which is slated to start operation on Oct. 1, and the remaining one billion cubic meters via Austria, he added.