Hungary, which has long been the largest buyer of Russian gas in the European Union, has announced the signing of a five-year agreement with the American company Chevron for the supply of 2 billion cubic meters of liquefied natural gas (LNG). The state energy company MVM Group, which is a party to the contract, is thus expanding the energy supply sources for the country.
This is reported by Business • Media
Diversification of Hungary’s Gas Supplies
In addition to cooperation with the USA, Hungary has signed a long-term contract with the French company Engie for the supply of 4 billion cubic meters of gas from 2028 to 2038. In September 2025, MVM Group signed another agreement — this time with British Shell, which provides for a 10-year gas supply. Thus, the country is actively expanding its pool of partners while maintaining an existing long-term contract for gas imports from Russia.
Europe and Asia Reduce Purchases of Russian Energy Resources
Budapest continues to oppose the EU initiative to gradually phase out imports of Russian gas by the end of 2027. In November, Hungary reported that it had received a waiver from US sanctions regarding the use of Russian oil and gas, but the White House clarified that this exemption would only be in effect for one year.
“We are interested in purchasing energy resources from as many sources as possible and through as many routes as possible, ensuring the lowest prices,” commented Hungary’s Foreign Minister Peter Szijjarto on the agreement.
Amid increasing Western sanctions, changes are also occurring in the Asian direction: India, which was recently the largest buyer of Russian Urals oil, has significantly reduced its purchase volumes. As a result, tankers carrying Urals oil have begun to accumulate off the eastern coast of China. As of December 17, at least five vessels with approximately 3.4 million barrels of oil were idling in the Yellow Sea — double the amount from the previous week and a record high for this grade in the last five years. China prefers eastern ESPO grade oil, which also affects the demand for Urals.