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Gazprom Signed An Agreement With Hungarian Authorities
July 7, 2017 16:48


The Russian holding company Gazprom and the Hungarian authorities signed an agreement on gas supplies via the Turkish Stream. This was reported on Wednesday, July 5, by RIA Novosti with reference to the statement of the Minister of Foreign Affairs and Relations of Hungary, Peter Siyarto.

According to the Minister, Budapest suggests the gas deliveries on the "Turkish Stream" as the most optimal option, while other possible ways - through Romania or Croatia - have not been worked out. "For this reason, Hungary has an interest in receiving the gas from the south," Peter Siyarto said. It is reported that the continuation of the "Turkish Stream" to Hungary will be built by the end of 2019.

In early May 2017, Gazprom announced the start of construction of the offshore section of the Turkish Stream. The power of the two strings of the gas pipeline should amount to 15.75 billion cubic meters. Construction is scheduled to be completed by the end of 2019.

Public Joint Stock Company Gazprom is a large Russian company founded in 1989, which carries on the business of extraction, production, transport, and sale of natural gas. The company is majority owned by the Government of Russia, though technically private. Its name is a portmanteau of the Russian words Gazovaya Promyshlennost. The headquarters of Gazprom are in Moscow. Gazprom was created in 1989 when the Soviet Ministry of Gas Industry was converted to a corporation, retaining all of its assets. Gazprom is involved in the Russian Government's diplomatic efforts, setting of gas prices, and access to pipelines. azprom's production fields are located around the Gulf of Ob in Western Siberia. Plans have also been made to mine the Yamal Peninsula. Gazprom's gas transport system includes 158,200 kilometres of gas trunk lines. Projects include Nord Stream and South Stream. In 2011, Gazprom produced about 513.2 billion cubic metres (18.12 trillion cubic feet) of natural gas, more than seventeen percent of global gas production. Gazprom also produced about 32.3 million tons of crude oil and nearly 12.1 million tons of gas condensate. The company has subsidiaries in industrial sectors including finance, media and aviation, and majority stakes in other companies.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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