MVM Hungarian Electricity Private : Russian-Hungarian Gas Agreement Has Been Guaranteeing Energy Security to Hungary for 20 Years

The Managements of Gazprom and the MVM Group have commemorated their business relations, which has been working excellently for 20 years, and the Russian-Hungarian Long-term Natural Gas Supply Agreement, which represents a guarantee for Hungary's energy security, at a joint ceremony.In connection with the event, Viktor Zubkov, Chairman of the Board of Directors of Gazprom, and Alexander Medvedev, Deputy Chairman of the Management Board of Gazprom, visited Hungary.

The legal predecessor of Hungarian Gas Trade Ltd. (MFGK), leader of the wholesale natural gas market in Hungary, signed the Long-term Natural Gas Supply Agreement, still in force today, with Panrusgáz Ltd. and Gazprom export LLC in 1996. This agreement has been representing a guarantee of security of supply and the maintenance of affordable natural gas supply for Hungary and MFGK for 20 years.

Today, the representatives of Gazprom and the MVM group commemorated the 20th anniversary of the Russian-Hungarian Agreement at a ceremony. The event was attended by Viktor Zubkov, Chairman of the Board of Directors of Gazprom; Alexander Medvedev, Deputy Chairman of the Management Board of Gazprom; Dr István Mikola, Secretary of State for Security Policy and International Cooperation; Andrea Beatrix Kádár, Deputy Secretary of State for Energy Affairs; Péter Csiba, Chairman and CEO of the MVM Group; and the executives and most important partners of Hungarian Gas Trade Ltd. and Panrusgáz Ltd.

'It is an extremely important and responsible task for MVM to take a leading role in natural gas supply to Hungary,' said Péter Csiba, Chairman and CEO of the MVM Group. In his address, he pointed out that 'long-term agreements are essential for the MVM Group to guarantee natural gas supply to Hungary. The Long-term Natural Gas Supply Agreement concluded with our Russian partner has been representing the core of the natural gas portfolio of the Group and a guarantee for the security of supply for decades. In order for the MFGK to be able to provide services that are predictable also in the future and offer the highest level of security of supply, it is necessary to continuously review the Russian-Hungarian gas agreement and to adjust it to market conditions, while taking into account our mutual interests.' Péter Csiba emphasised that maintaining and strengthening the strategic relations between the two Groups was one of the most important priorities for MVM.

In his address, Viktor Zubkov, Chairman of the Board of Directors of Gazprom, praised the cooperation between Russia and Hungary. 'The history of Panrusgáz is a great example of constructive gas trade cooperation between the two countries. Our agreements have been successfully meeting the changing challenges of gas markets for 20 years. We have aimed at developing and continuing this cooperation,' said Viktor Zubkov at the ceremony.