Hungary to buy Qatari LNG on long-term basis
A political agreement has been reached on Hungary’s purchase of liquefied natural gas (LNG) from Qatar, under which the parties will sign a long-term contract for the period after 2026.
Hungary to buy Qatari LNG on long-term basis
The Economics of Geography

Hungary to buy Qatari LNG on long-term basis

Photo: Facebook/Szijjártó Péter
Eurasia 01/02/2024 10:14

A political agreement has been reached on Hungary’s purchase of liquefied natural gas (LNG) from Qatar, under which the parties will sign a long-term contract for the period after 2026. This will further strengthen Hungary’s energy security, the Minister of Foreign Affairs and Trade announced in Doha.

After talks with his Qatari counterpart and the ministers of energy and finance, Péter Szijjártó said that they had discussed several important issues of bilateral cooperation, such as the security of energy supply, that remains critical in Europe. He emphasized the need to attract new and additional energy sources, without replacing existing suppliers, Hungary Today reported.

The politician underlined that Qatar will significantly increase its LNG exports from 2026 and that inter-company negotiations on the supply of LNG to Hungary have started following the previous political agreement.

The Hungarian minister also noted that both parties are most interested in a long-term contract. "With regards to possible transit routes, he pointed out that there are several options, either through LNG terminals in Turkey, Greece or Poland."

However, the South-East European route would require the swift implementation of ongoing capacity expansion projects, he added.
Facebook/Szijjártó Péter
Minister Szijjártó then welcomed the continued development of bilateral economic relations and the breaking of the export record. “In Qatar, it is highly appreciated that Hungary was able to prove last year that it can run its economy without EU funds, and even keep its economy on a growth path, and we were able to set an investment and an export record,” he said. “Qataris see Hungary as a very reliable and attractive investment destination. They expect progress in the coming period, especially in infrastructure investment and financial cooperation,” he added.
Facebook/Szijjártó Péter
The politician touched on the Middle East conflict, which he stressed was a matter of great concern for the whole world and that global action was needed to prevent escalation. Among the negative developments, he cited clashes between Israel and Lebanon’s Hezbollah, and attacks on merchant ships and U.S. military bases in the region.

“The past weeks of the Middle East conflict have produced a number of signs that have made the risk of escalation more serious than ever. We therefore believe that the most important task for the international community today is to prevent an escalation of the conflict in the Middle East,” he warned.

The minister also praised Doha’s role in the release of some of the hostages taken by Hamas, including three Hungarian citizens. He noted that one more Hungarian citizen might be in the terrorist organization’s captivity, and therefore asked his Qatari counterpart to help him return home as soon as possible.

He expressed the hope that the negotiations on further hostage exchanges would be successful sooner rather than later, but preferably sooner, as he had recently heard in Israel from some of the hostages and their families who had returned home about the terrible conditions.

#Qatar #Hungary
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