FM Szijj¡rt³ Announces Relocation of TurkStream Operator to Hungary Amidst Legal and Financial Challenges
Moscow: The company responsible for operating the TurkStream natural gas pipeline will transition its base of operations from the Netherlands to Hungary, securing the pipeline’s continued functionality despite ongoing legal and financial challenges, announced Hungarian Minister of Foreign Affairs and Trade P©ter Szijj¡rt³ on Tuesday.
According to About Hungary, Minister Szijj¡rt³ made the announcement during the Hungarian-Russian Joint Economic Commission meeting. He emphasized that the cooperation between Hungary and Russia is grounded in ‘common sense’ and national interest, stating that Hungary’s energy security is intricately linked to its relationship with Russia. Without this cooperation, he warned, Hungary’s ability to maintain its utility price reduction policy would be compromised, potentially leading to a threefold increase in energy prices.
The minister highlighted agreements made in Washington and Moscow, which are crucial for maintaining uninterrupted energy cooperation. He pointed out that Hungary faces opposition from both Brussels and Kyiv in its efforts to secure its energy supply. Brussels is reportedly launching continuous legal attacks on Hungary’s energy cooperation with Russia, while physical threats have targeted the oil pipeline from Ukraine.
Minister Szijj¡rt³ identified a new challenge that prompted immediate action, leading to the decision to relocate the TurkStream pipeline’s operating company to Hungary. He assured that, due to agreements with the United States, the pipeline’s payment transactions would not be subjected to sanctions, thus ensuring its uninterrupted operation despite any legal or financial challenges.
The minister also voiced support for the investments of Hungarian oil and gas company MOL in Russia, noting that shifts in global energy market ownership present fresh opportunities. He remarked that two Hungarian companies are sufficiently robust to engage in negotiations within this dynamic environment and that the government supports them in securing successful agreements.
Reflecting on the broader geopolitical situation, Minister Szijj¡rt³ underscored Hungary’s ongoing challenges as it enters the fourth year of conflict in its vicinity. He expressed Hungary’s commitment to achieving peace swiftly, praising former U.S. President Donald Trump’s peace initiatives and advocating for renewed U.S.-Russian dialogue. He called for an end to actions that have hindered peace negotiations, asserting that the conflict cannot be resolved through military means and that diplomatic channels must remain open.
Concluding his remarks, Minister Szijj¡rt³ emphasized Hungary’s relationship with Russia, which he described as being based on mutual respect, as crucial for any future peace efforts.