Natural gas supply cooperation with Hungary began in 1975, and until 1998 gas was exported under the intergovernmental agreements on developing the Orenburg and Yamburg gas fields.
Panrusgaz, a Hungarian-Russian gas sector joint venture, was set up in 1994 to ensure that Hungary’s long-term imported gas needs would be met reliably, to develop mutually beneficial trade ties, and to maximize the use of opportunities based on strategic partnership. Importing natural gas is the company’s core business. Panrusgaz is Hungary’s leading natural gas supplier (around 65%).
In 1996 long-term contracts were signed with Panrusgaz for natural gas supply to Hungary in
As at December 31, 2014, a total of 224.2 bcm of natural gas had been exported to Hungary since the start of deliveries. Supply to this country in 2014 amounted to 5.33 bcm.