Russia, Hungary to set up JV for South Stream project

MOSCOW, March 10 (Itar-Tass) - Russia and Hungary will set up a joint venture to build the Hungarian stretch of the South Stream gas pipeline.

The basic agreement on cooperation is to be signed by Gazprom and the Hungarian bank of development on Tuesday. The document envisions the setting up of such a joint venture and the necessary infrastructure of the South Stream gas pipeline, Russian Prime Minister Vladimir Putin said during the expanded intergovernmental Russian-Hungarian consultations in Moscow on Tuesday.

Putin also said a large underground gas storage will be built in Hungary.