10.12.25
The State Oil Company of Azerbaijan (SOCAR) and Hungary’s MVM ONEnergy signed an agreement in Baku on the export of natural gas. The agreement will enter into force on January 1, 2026, and will further strengthen the strategic energy partnership between Azerbaijan and Hungary. The document was signed by SOCAR President Rovshan Najaf and CEO of the MVM Group Károly Mátrai, according to SOCAR’s press service.
The agreement is of a medium-term nature and is the first contract of this format signed between the two companies. In a statement released by SOCAR’s press service, it was noted:“Previously, in 2023, SOCAR exported a total of 100 million cubic meters of gas to Hungary under a short-term agreement. Today, in Baku, a longer-term agreement covering cooperation over several years has been signed for the first time. This represents an important stage in our bilateral cooperation in the energy sector.”
Hungary’s annual demand for natural gas is estimated at around 10 billion cubic meters, with Russia remaining the main supplier. It should be noted that on August 30, 2024, Hungary’s MVM Group officially joined Azerbaijan’s major Shah Deniz gas project.
The Shah Deniz field is one of the world’s largest gas fields in terms of reserves and is capable of producing up to 29 billion cubic meters of gas and nearly 60 million barrels of condensate per year. Over 19 years of operation, approximately 260 billion cubic meters of gas have been extracted from the field.
In addition, another Hungarian company, MOL Group, has been operating in Azerbaijan for more than six years and owns more than a 9% stake in the Azeri–Chirag–Gunashli oil project. Hungary views Azerbaijan as one of its key partners in ensuring its energy security.
