The Gazprom Headquarters has hosted a working meeting between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Zsolt Hernadi, Chairman – Chief Executive Officer of the Hungarian oil & gas company MOL.

The parties addressed matters of long-term bilateral cooperation in the oil & gas sector, placing a focus on potential interaction within projects aimed at creating new transnational gas transmission capacities as well as developing and jointly using an underground gas storage system on the Hungarian territory.

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With first deliveries launched in 1975, a total of some 169.9 bcm of Russian natural gas had been piped to Hungary within the entire period.

Russia supplies about 80 per cent of Hungary’s total natural gas imports. Over 2005 Gazprom provided Hungary with 9 bcm of gas.

Founded in 1991 on the platform of the Hungarian Oil and Gas Trust (OKGT), MOL is engaged in exploration, extraction, transmission, storage, distribution and marketing of oil and gas as well as operation of a 5.2-thousand-km-long gas pipeline network. The company controls more than 440 filling stations in Hungary, Slovakia and Romania.

On June 21, 2006, Gazprom and MOL entered into an Agreement of cooperation, which contemplates setting up a Project Company to be responsible for preparing a feasibility study for the South-European gas pipeline project and an underground gas storage system on the Hungarian territory.