Azerbaijan’s SOCAR and Hungary’s MVM ONEnergy have finalized a new gas supply agreement, enabling Hungary to receive up to 800 million cubic meters of natural gas over a two-year period starting 1 January 2026. Hungarian Foreign Minister Peter Szijjarto emphasized that this volume represents a maximum ceiling, with actual deliveries depending on market conditions and pricing. He also noted that Hungary’s energy sector is already financially connected to Azerbaijan’s upstream industry, with MVM holding a stake in a major gas field and MOL involved in a significant oil operation.
The agreement comes after high-level talks earlier this week between SOCAR President Rovshan Najaf and MVM Group CEO Karoly Matrai, where they discussed progress on existing joint projects and explored new areas for collaboration. Topics included natural gas supply, infrastructure development, low-carbon initiatives, and regional energy partnerships.
With this new framework, Baku and Budapest aim to strengthen their strategic energy relationship, which has expanded steadily in recent years, setting the stage for broader cooperation across the entire energy value chain.
