Following a meeting with Iranian Minister of Petroleum Bijan Zangeneh in Tehran Monday morning, Mihály Varga said: "We are willing to increase oil purchases from Iran in the future."

Hungary's MOL bought a 1-milion-barrel oil cargo from Iran in the post-Joint Comprehensive Plan of Action (JCPOA) era.

Speaking about Tehran-Budapest banking negotiations, the Hungarian official said it has been decided that banking ties between the two counties strengthen without causing any troubles for investors.

A delegation of Hungarian banks will travel to Iran next week to hold talks with their Iranian opposite numbers.