Press release: Alexey Miller and Hungarian Ambassador Janos Balla discuss gas market development

Background

In 2015, Russian gas exports to Hungary totaled 6.14 billion cubic meters, rising 15.2 per cent versus 2014.

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

TurkStream is the project for the construction a transit-free export gas pipeline stretching across the Black Sea from Russia to Turkey and further to Turkey's border with neighboring countries. The first string of the gas pipeline is intended for Turkish consumers, while the second string will deliver gas to southern and southeastern Europe. Each string of TurkStream will have the throughput capacity of 15.75 billion cubic meters of gas per year. On October 10, 2016, Russia and Turkey signed the Intergovernmental Agreement on the TurkStream project.