Energy company Shell has signed a 10-year natural gas supply deal with Hungarian energy holding MVM CEEnergy, aiming to strengthen its presence in Central and Eastern Europe, reports “Reuters“, quoted by News.bg.
The deal envisages Shell, the world's largest liquefied natural gas (LNG) trader, selling MVM around 200 million cubic meters per year, starting in January 2026.
Hungarian Foreign Minister Péter Szijjártó said it was the “largest-volume and longest-term Western gas supply deal“ for the country. In 2020, Hungary signed its first long-term LNG agreement with Shell - a six-year contract for 250 million cubic meters per year, delivered via the Croatian port of Krk.
Hungary consumes about 8 billion cubic meters of gas per year and remains the largest buyer of Russian gas in the European Union. Despite the new agreement with Shell, Budapest will continue to buy significant quantities from „Gazprom“ through the „Turkish Stream“ gas pipeline.
„Can we live without Russian gas? No, because of geographical and infrastructure conditions“, said Szijjártó, adding that serious investments in the network are needed to reduce dependence.
According to government data, Hungary has imported about 5 billion cubic meters of gas from Russia via „Turkish Stream“ by the end of August, which could lead to record deliveries for 2025.