The Hungarian energy company MVM has signed an agreement with the American corporation Chevron for the supply of 2 billion cubic meters of liquefied natural gas (LNG). This was announced by Hungarian Minister of Foreign Affairs and Economic Relations Péter Szijjártó at a press conference after a meeting in Budapest with US Deputy Secretary of Energy James Danley.
The Foreign Minister noted that MVM and Chevron have signed a contract under which the American company will supply Hungary with 400 million cubic meters of liquefied natural gas per year for 5 years. “This means that over the next 5 years a total of 2 billion cubic meters of liquefied natural gas of American origin will be added to Hungary's energy supplies, something never seen before. This is the first time that American liquefied natural gas (LNG) has become part of Hungary's energy supply,“ said Szijjártó.
He stressed that Hungary is “interested in acquiring energy from as many sources as possible, along as many routes as possible and at the best possible price“. The minister believes that this is the only way to keep fuel and raw material prices low for industry and to control utility tariffs for the country's population.
At the same time, Szijjártó noted that the EU leadership is trying to deprive Hungary of certain energy sources and at the same time “supports those who attack energy transport routes that are crucial for its energy supply“. The foreign minister was referring to oil and gas supplies from Russia through pipelines that are under attack by the Ukrainian armed forces.
„While Washington promotes Hungary's energy security, we must constantly fight Brussels to prevent it from creating uncertainty in our energy supplies and causing a sharp rise in prices,“ the minister explained.
Hungary is seeking to diversify its energy supply sources and routes, but it still receives most of its gas from Russia through the “Turkish Stream“ pipeline, and its oil – through the southern branch of the “Druzhba“ pipeline. In 2024, Russia delivered a record 8.6 billion cubic meters of gas to Hungary, while oil supplies reached 4.78 million tons. As Szijjártó noted, “approximately the same volume of deliveries is expected this year”.