Hungary Seeks Gas From Qatar to Cut Russia Reliance, Orban Says

(Bloomberg) -- Hungary is in talks with Qatar to purchase gas to reduce the eastern European Union nation’s reliance on Russia for energy, Prime Minister Viktor Orban said.

Most Read from Bloomberg

• Carl Icahn Is $15 Billion Poorer After Hunter Becomes the Hunted

• McCarthy Says Debt Deal Remains Elusive as Negotiations Resume

• Russia Pushes India for Help to Avert Global Financial Isolation

• China’s New Covid Wave Set to See 65 Million Cases a Week

• China’s $23 Trillion Local Debt Mess Is About to Get Worse

Talks are still ongoing with the Gulf nation and any supplies wouldn’t arrive before 2026, Orban said in a Bloomberg interview on Tuesday at the Qatar Economic Forum.

“Half of the Hungarian needs of energy are coming from Russia, long-term contracts,” Orban said. “For the other half we have to find other partners. We are looking for partners all around the world and Qatar is a potential partner for us.”

While Hungary’s EU peers have moved to cut their dependence on Russian gas and oil following Moscow’s invasion of Ukraine, Orban has sealed side deals with Russia to boost natural gas deliveries. Hungary has also obtained an exemption from the EU’s oil sanctions against Russia.

The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.

Most Read from Bloomberg Businessweek

• The Man Who Spends $2 Million a Year to Look 18 Is Swapping Blood With His Father and Son

• Maasai Are Getting Pushed Off Their Land So Dubai Royalty Can Shoot Lions

• Apple’s New Headset Meets Reality

• Students Battle Hackers on the Cybersecurity Front Lines

• Industrials Defy Deal Doldrums With Strategic Acquisitions

©2023 Bloomberg L.P.