Memorandum of Understanding on the implementation of the Hungarian-Slovakian interconnecting pipeline.
Continuing the establishment of international relationships in order to increase the security of gas supply the FGSZ .Ltd. and Eustream, two companies of the Hungarian and Slovakian gas transmission networks, signed the Memorandum of Understanding in Siófok regarding the interconnection of the natural gas transmission systems of the two countries.
The planned 100-km-long pipeline will connect Veľký Krtíš on the Slovak side with Vecsés in Hungary. The project costs as well as the transmitted gas volumes will depend on real market demands.
“By creating the new interconnection of the existing pipeline system in our region, we would like to help increase the security of gas supplies for Hungary, and the liquidity of the market in Central Europe” - said Dr. János Zsuga, CEO of FGSZ Ltd.
The project has been officially implemented into the European Economic Recovery Plan set by the European Commission in December 2008. Increasing concerns about securing reliable gas supplies are one of the reasons behind establishing a program to aid economic recovery by granting financial assistance to projects in the field of energy.
Through the European Economic Plan for Recovery, the European Commission plans to allocate the financial aid of approx. EUR 2.4 billion for gas and electricity infrastructure projects in the period 2009-2010. As a part of this move EUR 30 million has been earmarked by the Commission for the implementation of the Slovak-Hungarian interconnecting pipeline.
The supported projects should contribute to the security and diversification of sources of energy, routes and supplies as well as to the integration of the internal energy market, in particular concerning cross-border areas.