Hungary signed an agreement with Chevron for the supply of two billion cubic meters of LNG.
The Hungarian company MVM has signed a five-year contract with the American company Chevron for the supply of two billion cubic meters of liquefied natural gas (LNG), marking the first such agreement between the two countries at this level.
Péter Szijjártó, the Hungarian Minister of Foreign Affairs, announced the signing of an important contract that provides for the delivery of 400 million cubic meters of LNG per year. According to the minister, this agreement is an important milestone in energy cooperation between the United States and Hungary. “We are interested in purchasing energy from different sources to ensure the lowest prices for consumers,” he added.
The contract with Chevron was concluded against the backdrop of a significant reduction in the share of Russian gas in European imports. Before the war in Ukraine, Russia accounted for about 45% of gas supplies to the EU, but this figure decreased to 19% in 2024. According to the European Commission’s plans, the share of Russian gas is expected to decrease to 13% by the end of 2025.
This contract is part of a broader EU strategy of diversifying energy sources to reduce dependence on Russian supplies. Despite this, the Hungarian government has stated its intentions to continue receiving Russian oil through the Druzhba pipeline, excluding their country from US sanctions.
| Year | Share of Russian gas in the EU |
|---|---|
| Until 2022 | 45% |
| 2024 | 19% |
| 2025 (plan) | 13% |
