The Hungarian energy company MVM has concluded a five-year contract with the American giant Chevron for the supply of liquefied natural gas (LNG). According to Peter Szijjarto, the head of Hungarian diplomacy, the contract provides for the import of 400 million cubic meters of LNG per year, which means two billion cubic meters over the entire duration of the contract.
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The “golden era of relations” between Hungary and the USA during the presidency of Donald Trump
According to Szijjarto, signing the agreement with Chevron is a significant step in energy relations between Hungary and the US. The minister emphasized that Budapest strives to obtain energy from as many sources and routes as possible, while ensuring the lowest possible prices. In his entry on the X platform, he noted that LNG from the USA will become part of the Hungarian energy mix for the first time.
Minister Szijjarto also assessed that relations between Hungary and the United States have entered a new golden era since President Donald Trump took office. He expressed gratitude to the American leader for actions supporting Hungary's energy security, at the same time pointing out that Washington is strengthening it, while Brussels is undermining it.
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Hungary: energy from Russia and the USA
The government in Budapest, which is still heavily dependent on energy supplies from Russia, opposes EU sanctions on the Russian energy sector. In 2021, Hungary signed a 15-year contract with Russia to purchase 4.5 billion cubic meters of gas per year. In 2024, they increased imports from Gazprom to approximately 7.5 billion cubic meters of gas via the TurkStream gas pipeline.
However, Hungary is making efforts to diversify supplies. In October, the largest contract in the country's history was signed with the French company Engie for the supply of 400 million cubic meters of LNG annually in 2028-2038. In December, Budapest concluded a framework agreement with Azerbaijan for the purchase of 800 million cubic meters of natural gas over two years.
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