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20 years of reliable Russian gas supplies to Panrusgas, Hungary

December 5, 2016, 17:50

Budapest hosted today festive events dedicated to the 20th anniversary of signing long-term contracts with Panrusgas Gas Trading Plc for Russian gas supplies to Hungary.

The events were attended by Viktor Zubkov, Chairman of the Gazprom Board of Directors, Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, and Peter Csiba, Chairman of the Board of Directors and CEO of the Hungarian company MVM.

Over 20 years, Gazprom supplied Panrusgas with more than 142 billion cubic meters of gas. At present, Gazprom Export (a wholly-owned subsidiary of Gazprom) and Panrusgas have two contracts effective until 2019 and two – until 2021. The total contractual obligations amount to 4.2 billion cubic meters of gas per annum.

“The history of Panrusgas is an outstanding example of constructive cooperation between Russia and Hungary in the gas sector. Our contracts have been meeting the challenges of evolving gas markets during 20 years. We aspire to continue and develop our partnership,” said Viktor Zubkov.

“MVM has an important task to secure gas supplies to the Hungarian market, which would be impossible without the basis of our trading portfolio – long-term contracts with Gazprom. We are interested in developing our relations with the Russian company, which will enable us to provide Hungary with reliable natural gas supplies in the future,” noted Peter Csiba.

Background

Panrusgas Gas Trading Plc. is a Russian-Hungarian private limited company (MVM Hungarian Electricity Private Limited Company – 50 per cent, Gazprom Export – 40 per cent and Centrex Hungaria Zrt – 10 per cent) dealing with marketing of Gazprom's gas in Hungary.

 

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