Friday, April 19, 2024
HomeLNGHungary and Egypt start negotiations on LNG and cooperation on nuclear energy

Hungary and Egypt start negotiations on LNG and cooperation on nuclear energy

A strategic partnership agreement has been established between Hungary and Egypt, which includes cooperation on the nuclear industry and energy supply. Hungary hopes to see liquefied natural gas (LNG) supplies from Egypt arriving in the country from 2026.

During a high-level visit in Cairo on Tuesday, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó pointed out that nuclear power plant investments are currently taking place in Egypt and Hungary with the same technology and contractor.

Egypt is building its first nuclear power plant, the el-Dabaa plant with Russian state atomic energy corporation Rosatom to help to meet its growing demand for electricity. Hungary also plans to expand its nuclear power plant in Paks, with Rosatom building two VVER reactors.

The Hungarian minister emphasised that this serves as a good foundation to establish a broad nuclear industry and educational strategic partnership which includes knowledge-share, cooperation on industry innovations as well as professional training.

The minister also spoke about strengthening relations between the two countries in terms of gas supply indicating that in three-to-four years, LNG arriving from Egypt can contribute to Hungary’s secure gas supply.

The Hungarian minister confirmed that negotiations between the companies of the two countries can start in order to supply gas coming from Egypt to Hungary from 2026 onwards.

Egypt is an important natural gas producer and through the Revithoussa LNG Terminal in Greece, it has a growing importance as a supplier of LNG to Europe. Last year, the Greek terminal operator said it recorded an impressive increase in the quantities of LNG received from Egypt, which reflects the dynamic growth of Egypt’s role in the natural gas market.

Hungary is not the only country in the region that hopes to step up its energy cooperation with Egypt. This month, Serbia also started discussions with Egypt to strengthen cooperation in energy, as the Serbia-Bulgaria gas interconnection can come online this year, which will enable another supply route and new suppliers to the Serbian market.

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