Hungary signs a five-year deal with Chevron to supply US LNG
Hungarian state energy company MVM has signed a five-year contract with the US Chevron for the supply of liquefied natural gas in the amount of 2 billion cubic metres. This was announced by the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto. It is reported by The Public with reference to Reuters.
According to him, the agreement provides for the annual supply of 400 million cubic metres of LNG from the United States over five years. This is the first time that US liquefied natural gas will become part of Hungary's energy balance. The parties signed the contract on 16 December in Budapest.
Szijjarto stressed that Budapest is interested in purchasing energy from as many sources and routes as possible to ensure stable supplies and the lowest possible prices. At the same time, he acknowledged that Hungary is still heavily dependent on Russian energy, despite the EU's policy of completely cutting off Russian gas by the end of 2027.
In November, Budapest announced that it had received a temporary permit from the US to use Russian oil and gas. According to Reuters, at the same time, Hungary committed to signing contracts for the purchase of American LNG worth an estimated $600 million.
The CEO of MVM has previously stated that the company is able to provide the country with gas even in the event of a complete shutdown of supplies from Russia, although this may lead to higher prices for consumers.
