Hungary has formalised a liquefied natural gas supply agreement with US energy company Chevron. The contract provides for the annual delivery of 400mn cubic metres of gas over five years. The announcement was made by Minister of Foreign Affairs Peter Szijjarto during a joint press conference with a representative of the US Department of Energy.
The agreement was signed with MVM, the state-owned Hungarian electricity and gas company. Authorities described the contract as a further step in developing bilateral energy trade between the two countries. Hungary remains one of the European Union member states most closely tied to Russia for hydrocarbon imports.
Limited contractual volumes compared to Russian flows
The volumes set out in the Chevron deal remain modest compared to current supply levels. Hungary holds an existing contract with Russian company Gazprom guaranteeing the annual delivery of 4.5bn cubic metres of gas until 2036. This agreement still forms the core of the country’s gas supply.
According to official statements, approximately 7bn cubic metres of Russian gas had been delivered to Hungary by the end of November. The country’s annual gas consumption reached approximately 8.5bn cubic metres last year, underscoring Russia’s dominant share in Hungary’s import mix.
Gradual diversification through multiple deals
In recent months, MVM has signed several supply agreements with non-Russian providers, including Shell, Engie and Azerbaijani energy company SOCAR. The Chevron deal aligns with this contractual trend, without immediately altering the dominant supply structure.
These agreements are expected to enable Hungary to import up to 1.4bn cubic metres of gas per year from alternative sources. In parallel, the government has reaffirmed its intention to uphold existing contractual commitments with Russia, despite European-level plans to phase out Russian gas imports.
