BUDAPEST, April 20. /TASS/. The new Hungarian government will review all contracts related to the construction of the Paks II Nuclear Power Plant (NPP) designed by Rosatom, as it believes its cost is greatly inflated, Tisza Party leader Peter Magyar and incoming Prime Minister of Hungary announced.

"We will review all secret government regulations, all contracts, all financing decisions," he said at a press conference following a meeting of the Tisza faction in the future national parliament.

Magyar noted that he would like to understand how "the cost of this project increased from the initial 12 billion euros to 24 billion euros." He added that he considers the project important, but would like to understand "the terms and conditions for its financing, whether the loan can be restructured, and whether it can be refinanced on more favorable terms."

Magyar also noted that, in his opinion, construction of the new nuclear power plant in Paks has progressed extremely slowly over the past years.

Hungary's outgoing Prime Minister Viktor Orban said in an interview after the parliamentary elections that he regrets his government's failure to ensure the rapid implementation of the Paks II nuclear power plant project. He stated that the plant is essential for the Hungarian energy sector.

Tisza said in its election platform that it would subject the project to a "serious revision." Magyar reaffirmed these plans after his party's victory in the April 12 elections. Rosatom head Alexey Likhachev responded by stating that his agency is prepared to discuss issues related to Paks II and, if necessary, to "pass an examination proving the project's effectiveness, justifying its price, and other parameters."

The construction of the Paks II NPP is being carried out under an intergovernmental Russian-Hungarian agreement signed in 2014. At that time, the parties signed three basic contracts for the construction of two new power units with VVER-1200 reactors. Moscow confirmed its willingness to finance this project, which was estimated at €12.5 billion and was initially expected to be financed 80% by a Russian loan. Commissioning of the two power units at the Paks II NPP is expected in the early 2030s.