The Government is working on the security of the residential gas supply in Hungary: it has commissioned the Hungarian Development Bank (MFB) to establish a gas trading company. On Friday, the Government submitted to Parliament a proposal for the amendment of the law; to extend the powers of MFB Zrt.
With the establishment of MFB Földgázkereskedő Zrt. - a fully-owned subsidiary of MFB Zrt. - a state-owned gas trading company will emerge for the financing of the purchase of further commercial natural gas stocks. With this step, Hungary will be able to increase the available natural gas stocks. The natural gas trading company will commence its operation with HUF 100 million initial capital. In addition to ensuring security of gas supply, the new company will generate value and income on the basis of state-owned assets.
MFB has already shown the competence required for similar transactions through its acquisition of a stake in Magyar Gáztranzit Zrt.; which is constructing, and will operate, the Slovak-Hungarian gas interconnector. MFB is also a shareholder in MMBF Földgáztároló Zrt.; which is responsible for maintaining security of gas supplies.
With these Government measures, which include the re-acquisition of the gas storage facilities, the natural gas supply of the country is guaranteed and can be maintained even with regard to the Russian-Ukrainian conflict. The volume of the reserve gas stocks complies with the requirements, the storage tanks are being filled continuously and the quantity of natural gas currently in storage is already greater than one and a half times the total residential consumption measured over the last winter.