Hungary has agreed with Russia on all the conditions for a new long-term gas supply deal to take effect from Oct. 1, Foreign Minister Peter Szijjarto said on his Facebook page on Monday, APA reports citing Reuters.
Szijjarto said the agreement with Gazprom (GAZP.MM) is for 15 years, with an option to modify purchased quantities after 10 years.
"We have also agreed on the price, which is much more favourable than that we paid under the deal that Hungary signed in 1995, which expires now," he said, without giving exact details.
He added the deal would be signed by the end of September and Gazprom would ship 4.5 billion cubic meters of natural gas to Hungary annually, via two routes: 3.5 billion cubic meters via Serbia and 1 billion cubic meters via Austria.
Gazprom said it had met the Hungarian foreign minister but did not give any details.
"The sides have looked into the key issues and perspectives for cooperation in the natural gas sphere, including gas supplies to Hungary," Gazprom said in a statement.
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