Russian oil group Lukoil will sign a USD 10 billion contract with Hungarian oil group MOL on oil supply, Lukoil general manager Vagit Alekperov said on Wednesday.

Alekperov specified that this contract provides for the supply of approximately four million tonnes of oil per year for each of the next five years, according to Reuters.

In other news, in Budapest, Nikolai Tokarev, the director of Transneft, which holds a monopoly over Russian oil pipes, announced that the Russian company has paid in full to Hungary the compensation for contaminated Russian oil, according to Agerpres.

In April, Russia stopped oil exports through the Druzhba pipeline, after a Russian producer contaminated the oil with large amounts of organic chloride. This substance is used to increase oil production, but must be separated from crude oil prior to oil delivery, as it may damage refining equipment. An estimated five million tons of contaminated oil would have entered the Druzhba pipeline, forcing Russia to stop deliveries of oil to customers in Belarus, Ukraine, Poland, Germany and several Central European countries.