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Country Report Hungary Product Image

Country Report Hungary

  • ID: 2101527
  • December 2014
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

Russia's president, Vladimir Putin, announced at the end of his December 1st meeting with Turkey's prime minister, Recep Tayyip Erdogan, that Russia would not continue with its plan to build the EUR23bn South Stream gas pipeline from Russia to Austria and northern Italy via the bed of the Black Sea and the Balkans. However, Russia has not abandoned its ambitions to develop new gas supply routes to its European customers that bypass Ukraine. A number of alternatives have been put forward, including an expansion of gas supplies to Turkey, with a view to developing a gas hub to supply southern Europe; an increase in exports through liquefied natural gas (LNG) markets; or increased use of the Belarusian network and the Nord Stream (Russia-Germany) pipeline. As a result, Ukraine's status as a major transit state could still be put in jeopardy in the future.

During his visit Mr Putin praised Turkey for having granted all permits necessary for South Stream but noted that the EU was opposed and had blocked Bulgaria from approving the project. If Europe did not want South Stream, he said, Russia would turn to other markets. Mr Putin's phrasing left open the possibility that Russia might READ MORE >

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Country Report Hungary

South Stream cancelled
A gas axis with Ankara?
Putting Europe on notice

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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