Hungary has already received almost 2.5 billion cubic meters this year. m of Russian gas through the “Turkish Stream“ gas pipeline, which exceeds the record figure for the first four months of 2024. This was stated by the Minister of Foreign Affairs and Foreign Economic Relations of Hungary Péter Szijjártó, speaking in Budapest at a joint press conference with the head of the Turkish Ministry of Energy Alparslan Bayraktar.
“Over 20 million cubic meters of gas are delivered daily through the “Turkish Stream“ gas pipeline. This year its volume has already reached 2.5 billion cubic meters, which exceeds the record figure of 2024“, said the head of the Hungarian Foreign Ministry.
He stressed that the Turkish Stream gas pipeline plays a key role in providing energy resources to Hungary. According to the minister, the importance of this pipeline has increased significantly in connection with the termination of the transit of Russian gas to Europe from Ukraine on January 1.
Szijjártó spoke at a press conference with Bayraktar after the agreement between the Turkish state oil company TPAO and the Hungarian MOL. They will establish a joint venture to develop two new oil and gas fields in the south and southwest of Hungary. The heads of the companies, Ahmet Türkoğlu and Zsolt Hernády, signed the document in the presence of the ministers.
“TPAO is investing around 6 billion forints (15 million euros) and thanks to this investment and the cooperation between MOL and TPAO, we will be able to meet a larger share of Hungary's oil needs through local production“, said Szijjártó.
According to him, “the agreement also marks the beginning of the development of joint oil production plans not only in Hungary but also in third countries, thus increasing MOL's regional role.“
In addition, Turkey will participate in the construction of a gas-fired power plant in eastern Hungary, where several large industrial enterprises requiring electricity are being built. As Szijjártó specified, one of the Italian companies will also participate in this project.
In 2024, Hungary began receiving small amounts of natural gas produced in Turkey. The agreement to this effect was concluded between the Hungarian company MVM and the Turkish Botas. Deliveries will continue this year.
Hungary is striving to diversify its sources and routes for energy supplies, but still receives most of its gas from Russia through the TurkStream gas pipeline. and its branches through Bulgaria and Serbia, and oil through the southern branch of the Druzhba oil pipeline. On March 26, the Russian government announced that in 2024, Russia delivered a record 8.6 billion cubic meters of gas to Hungary. m of gas, and oil reserves reached 4.78 million tons.