Hungary signed a 15-year gas purchase agreement with Gazprom on Monday. 

Photo by NOEMI BRUZAK / MTI / PAP/EPA

Under the new agreement, Hungary has pledged to buy 4.5 billion cubic meters of natural gas each year from the Russian energy giant over a period of at least ten years. Gazprom will deliver 3.5 billion cubic meters via the Serbian-Hungarian interconnector which is slated to start operation on Oct. 1, and the remaining one billion cubic meters via Austria. (JAP)