Hungary’s largest gas wholesaler, MVM, has revealed that it has reserved significant import capacity at Croatia’s LNG terminal on the island of Krk as a precaution against a potential cutoff of Russian gas supplies. The arrangement would allow the company to import up to one billion cubic meters of gas per year through the terminal if pipeline deliveries from Russia were disrupted.
While MVM’s involvement at the Krk terminal was already known, new details highlight the scale of its commitment. The company controls around 16% of the terminal’s annual capacity, which totals 6.1 billion cubic meters, demonstrating that contingency planning for supply disruptions is well advanced.
According to MVM, the Krk reservation is part of a broader diversification strategy. In addition to Croatian LNG capacity, the company has signed agreements with Shell for the transport of roughly 200 million cubic meters of LNG per year and with Engie for a further 400 million cubic meters annually starting in 2026. These contracts would ensure access to multiple LNG entry points across Europe.
Hungary is particularly exposed to any European embargo on Russian gas. MVM currently imports about 3.5 billion cubic meters of gas annually from Russia via the TurkStream pipeline, supplementing it with additional purchases on regional markets. Together, these volumes cover domestic demand of roughly eight billion cubic meters per year and also support exports to Slovakia.
In this context, LNG deliveries from Krk could become increasingly important, especially given the terminal’s proximity to Hungary. MVM has indicated that these supplies may play a larger role in the future energy mix as regulatory and geopolitical pressures increase. CEO Karoly Matrai emphasized that a ban on Russian gas would likely push prices higher, highlighting the economic risks associated with such a policy shift.
