News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Hungary decree allows govt to supervise energy firms if needed

06/29/2022 | 02:00am EDT
General view of Zsana Storage Site in Zsana

BUDAPEST (Reuters) - Hungary has passed a decree empowering the government to take over supervision of vital energy firms and the gas pipeline network operator FGSZ in an emergency that requires it to ensure continuous supply.

Tuesday's decree, signed by Prime Minister Viktor Orban, covers key firms in the power, gas and oil industries, as well as district heating firms and mining, along with gas pipeline operator FGSZ and a fuel and gas stockpiling association.

Hungary is about 85% reliant on Russian gas imports and 65% reliant on crude oil imports from Russia.

Foreign Minister Peter Szijjarto said earlier this month that Gazprom chief executive and Russia's deputy prime minister, Alexander Novak, had both assured him the company would fulfil obligations to Hungary set out in its long-term gas supply contract.

On Monday, Szijjarto said Hungary's gas storages were more than 39% full, which equals 2.7 billion cubic meters in store.

Under a deal with Gazprom signed last year, Hungary receives 3.5 billion cubic metres (bcm) of gas per year via Bulgaria and Serbia and a further 1 bcm via a pipeline from Austria. The deal runs for 15 years.

(Reporting by Krisztina Than; Editing by Clarence Fernandez and Michael Perry)


© Reuters 2022
Latest news "Economy & Forex"
06:20aAs Fed warns of turbulence ahead, markets remove their seat belts
RE
06:18aSwiss sight deposits increase showing possible central bank activity
RE
06:17aMyanmar court sentences Suu Kyi to six years prison in corruption cases - source
RE
06:14aAbortion bans limit training options for some future U.S. physicians
RE
06:13aWeak China data sparks industrial metals sell-off
RE
06:12aNewly-launched U.S. drugs head toward record-high prices in 2022
RE
06:10aIran will respond to EU's nuclear text by midnight on Monday, says foreign minister
RE
06:10aA new model to help refugees built for Afghans, adapts to support Ukrainians
RE
06:09aExclusive-Kimmeridge builds stake in California Resources to push for changes-sources
RE
06:06aEXCLUSIVE-INSIDE THE ALEX JONES JURY ROOM : tensions, pizza and 'lizard people'
RE
Latest news "Economy & Forex"