According to the plan, the pipeline will have to be completed and reach full capacity by October 2021 in order to receive the flow of Russian gas via the extension of TurkStream gas pipeline through Bulgaria and Serbia.
The Supervisory Board of Hungarian natural gas transmission system operator FGSZ approved the investment in the construction of gas pipeline to Serbian border with the capacity of 6 billion cubic meters of gas per year.
Earlier this week, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said that the country has agreed to buy 6.2 billion cubic meters of natural gas from Gazprom and will begin talks on a flexible, long-term gas supply agreement with the Russian company. He stressed that the goal is to sign three five-year deals, which allows cancelling the agreement at the end of each five-year period. This ensures our long-term supply and also our ability to renegotiate the agreement or quit if in the meantime better options arise or the international energy market changes.