HUNGARY/FILE: Leaders from around Central and Eastern Europe meet in Budapest to discuss energy proposals for the region

Record ID: 722451

  • Title: HUNGARY/FILE: Leaders from around Central and Eastern Europe meet in Budapest to discuss energy proposals for the region
  • Date: 25th February 2010
  • Summary: BUDAPEST, HUNGARY (FEBRUARY 24, 2010) (REUTERS) (*** FLASH PHOTOGRAPHY ***) DELEGATES GATHERING FOR FAMILY PHOTO SUMMIT SIGN AND FAMILY PHOTO CAMERA CREWS FILMING VARIOUS OF FAMILY PHOTO PHOTOGRAPHER TAKING PHOTO VARIOUS OF FAMILY PHOTO VARIOUS OF TALKS STARTING PHOTOGRAPHERS TAKING PHOTOS VARIOUS OF TALKS IN PROGRESS CROATIAN DELEGATION AT TALKS SLOVAK DELEGATION AT TALKS SLOVAK PRIME MINISTER ROBERT FICO SEATED TALKS IN PROGRESS (SOUNDBITE) (Hungarian) HUNGARIAN PRIME MINISTER, GORDON BAJNAI, SAYING: "We have to create the missing links among our countries and as part of the European Union we need a regional integrated energy market. Secondly, we need to tighten our co-operation on all areas of energy security and not only on a state level." U.S. DELEGATION LISTENING CROATIAN PRIME MINISTER JADRANKA KOSOR LISTENING VARIOUS OF TALKS IN PROGRESS ROMANIAN DELEGATION LISTENING (SOUNDBITE) (Hungarian) HUNGARIAN PRIME MINISTER, GORDON BAJNAI, SAYING: "I am convinced that what we are aiming to do here today together will strengthen not only the energy security of Central and Eastern Europe but of the whole of Europe." SERBIAN DELEGATION LISTENING VARIOUS OF TALKS
  • Embargoed: 12th March 2010 12:00
  • Keywords:
  • Topics: International Relations,Energy
  • Reuters ID: LVA5R4MORB6AFYM6932YNR0LSK9S
  • Story Text: The leaders of central eastern European states met on Wednesday (February 24) to discuss how to diversify energy sources and focus on the Nabucco gas pipeline and liquefied gas -- alternatives to dominant regional supplier Russia.
    The talks between Poland, the Czech Republic, Slovakia, Romania, Bulgaria and Croatia focussed on long-term regional cooperation in energy policy.
    "We have to create the missing links among our countries and as part of the European Union we need a regional integrated energy market," said Hungarian Prime Minister Gordon Bajnai as the leaders met in Budapest.
    "Secondly, we need to tighten our co-operation on all areas of energy security and not only on a state level," he added.
    Bajnai has said a new energy security triangle will focus on three initiatives: the Nabucco pipeline, a pipeline which would carry liquefied natural gas (LNG) from the Croatian isle of Krk to Hungary, Slovakia and Italy, and an LNG port in Poland which is currently under preparation.
    He said countries in the region must also enhance storage facilities and integrate their gas networks by building interconnecting pipelines, such as a link between Croatia and Hungary expected to be completed by the end of 2010.
    "I am convinced that what we are aiming to do here today together will strengthen not only the energy security of Central and Eastern Europe but of the whole of Europe," Bajnai said.
    The region depends on Russian natural gas and disruptions in shipments during the gas crises of past years caused serious supply problems in most countries.
    About 80 percent of Hungary's gas comes from Russia via Ukraine. It has boosted storage capacity since 2006 and now has a total of 5.5 billion cubic metres of commercial and strategic storage capacity.
    Nabucco aims to transport up to 31 billion cubic metres of gas a year from the Caspian region to an Austrian gas hub via Bulgaria, Romania, Turkey and Hungary. The pipeline would help reduce dependence on Russia, which supplies Western Europe with about a quarter of its natural gas.
    Russia's Gazprom backs the rival South Stream pipeline project.
    Bajnai said Hungary also considered South Stream a realistic and important project as it would be an alternative route of supply for the region, but he said a pipeline with an alternative route and source would result in the best prices for the region.
    Bajnai stressed Hungary needed Russia in the long term in its energy supplies and said Russia could be included as one of the suppliers for the Nabucco pipeline on a commercial basis.
    The Nabucco consortium, which includes Austria's OMV, Hungary's MOL, Romania's Transgaz, Bulgaria's Bulgargaz, Turkey's Botas and Germany's RWE expects to start negotiations to fill the pipeline and make a final investment decision before the end of 2010.
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