Shell Signs 10-Year Gas Supply Deal with Hungary’s MVM

Energy giant Shell has signed a 10-year natural gas supply agreement with Hungary’s MVM CEEnergy, marking its largest commitment yet in Central and Eastern Europe.

Under the deal, Shell will supply around 200 mln cubic metres (mcm) of natural gas annually starting in January 2026, the company said on Tuesday. Shell is the world’s largest liquefied natural gas (LNG) trader.

Hungary’s Foreign Minister Peter Szijjarto described the contract as the country’s «largest volume and longest western supply agreement ever.»

The new arrangement builds on a previous six-year contract signed in 2020, under which Shell delivers 250 mcm of LNG annually through Croatia’s Port Krk. The gas is regasified there and transported to Hungary via the Hungary-Croatia pipeline.

Hungary consumes roughly 8 bn cubic metres of gas per year and remains the European Union’s biggest buyer of Russian gas. Despite the expanded deal with Shell, Szijjarto confirmed Budapest will continue purchasing gas from Russia’s Gazprom.

«With this, are we going to be able to live without Russian gas? No, because of geographical and infrastructural conditions. Not until we have proper infrastructure development in the region,» he said.

Hungary currently receives Russian gas through the Turkstream pipeline via Bulgaria and Serbia, with imports from Gazprom hitting record levels this year. The country also sources gas from Romania, Austria and through regional interconnectors with Slovakia.

Earlier this year, Hungary and Slovakia opposed EU proposals to phase out Russian energy imports, underscoring ongoing tensions between Brussels and Budapest over energy policy.

Kursiv Uzbekistan also reports that Uzbekistan’s gold and foreign exchange reserves climbed to a record $50.08 bn as of September 1, according to the Central Bank.