A high-ranking Hungarian official has revealed Qatar's intention to fund the construction of a liquefied natural gas (LNG) plant in Croatia, which is estimated to cost around USD 1 billion. The governments of Hungary and Croatia will partly finance the project.
In a statement issued to Zawya by Pal Kovacs, Hungary's minister of state for climate change and energy, he confirmed that during his visit to Doha last week, a deal was concluded with the Qatari government for the provision of USD 350 million in funding for the project. This is in return for a share of ownership, to be discussed and agreed later among the participating parties.
"Hungary shall be contributing a portion of project funding [in Croatia]. Qatar is also involved in financing a similar liquefied gas plant project currently under construction in Poland. We anticipate that our country shall greatly benefit from the project. [Through this forthcoming project in Croatia], we would be able to capitalize on liquefied gas supplies from Qatar," added Kovacs.
The Hungarian minister added that his government is currently involved in pumping sizeable investments in the energy sector in various Eastern European states. He reiterated that the anticipated gas plant in Croatia would serve the overall region, while at the same time contribute to diversifying imported energy resources entering the local market.
"We are currently participating in constant deliberations and discussions with our counterparts in both Qatar and Croatia for the purpose of expediting the execution of this vital project," said Kovacs.
© Zawya 2013
