Hungarian state-owned energy group MVM has agreed to purchase a 5% stake in Azerbaijan’s Shah Deniz gas field from the state-owned Southern Gas Corridor.
This move aligns with the EU’s diversification efforts and the country’s energy strategy.
BP operates the Shah Deniz field, one of the world’s largest natural gas-condensate fields, located in the Caspian Sea.
MVM will also take a 4% stake in the Azerbaijan Gas Supply Company, the entity responsible for marketing and selling Shah Deniz’s natural gas.
This transaction is a strategic step for Hungary, which has been reliant on Russian gas imports, especially in the wake of geopolitical tensions following Russia’s invasion of Ukraine in 2022.
Hungarian Foreign Minister Peter Szijjarto said that acquiring a stake in this gas field protects Hungary from big energy price swings.
