Background

In 2017, Gazprom supplied Hungary with 7 billion cubic meters of gas, an increase of 21.9 per cent against 2016 (5.7 billion cubic meters).

MVM is a Hungarian state-owned group of companies focused on power and heat generation and marketing, as well as gas pipeline construction, gas storage and sales, and telecommunication services.

On July 5, 2017, Alexey Miller, Chairman of the Gazprom Management Committee, and Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary, signed a roadmap to implement a number of measures aimed at developing Hungary's gas transmission system.

TurkStream is the project for a gas pipeline stretching across the Black Sea from Russia to Turkey and further to Turkey's border with neighboring countries. The first string of TurkStream is intended for Turkish consumers, while the second string will deliver gas to southern and southeastern Europe. Each string will have the throughput capacity of 15.75 billion cubic meters of gas per year.

Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.