Hungarian Foreign Minister Peter Szijjarto and Slovak Economy Minister Peter Ziga signed a statement of intent to build the Hungarian-Slovak stretch of a North-South gas pipeline Eastring in Kosice on October 30.

Eastring will link the gas transmission systems of Slovakia, Hungary, Romania and Bulgaria, establishing a bi-directional connection between West European hubs and gas reserves in the Caspian region and the Middle East. The project will ensure countries such as Bulgaria and Serbia, almost exclusively dependent on Russian gas, can receive gas even if Russian supplies via Ukraine are disrupted.

Szijjarto called energy security one of the most critical issues in Central Europe today, adding that it depended greatly on infrastructure, the development which is a priority, he said. “Hungary has 7bn cubic metre gas storage capacity, a figure close to Hungarian annual consumption, and a well-built pipeline, which allows us to distribute gas flowing into our country from the south to the west, north or any other direction,” he said.

Some 80%-85% of Hungary's natural gas consumption is covered by Russian imports, in accordance with the long-term natural gas contract between Magyar Földgázkereskedő Zrt (MFGK), a subsidiary of state-owned MVM, and Gazprom, which will be renewed from 2021, when the current contract expires.

Hungary has also signed a deal with Russia's Gazprom to link Hungary with the under-construction Turkish Stream pipeline by end-2019. The pipeline will bypass Ukraine in bringing Russian gas across the Black Sea to the Turkish market and Europe.

“It’s very important for Slovakia and Hungary to have secure supplies of energy resources and raw materials and a diversification of routes,” Ziga noted.

Eastring has been listed among the European Commission's Projects of Common Interest entitled to accelerated planning and EU funding because they benefit more than one member state. The project could be completed by 2021.