Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Headlines

Shell agrees 10-year gas supply deal with Hungary's MVM CEEnergy

Published by Global Banking and Finance Review

Posted on September 9, 2025

Featured image for article about Headlines

BUDAPEST (Reuters) - Oil and gas major Shell signed a 10-year natural gas deal with Hungary's MVM CEEnergy on Tuesday, in a move designed to strengthen its presence in central and eastern Europe.

Shell, the world’s biggest liquefied natural gas (LNG) trader, said it would sell around 200 million cubic metres (mcm) of natural gas a year to the Hungarian natural gas wholesaler MVM CEEnergy, beginning in January 2026.

MVM Group receives a large amount of its gas from Russia, unlike energy providers in most European countries following Russia's invasion of Ukraine.

Hungary's foreign minister Peter Szijjarto said earlier on Tuesday that the deal would be the country's "largest volume and longest western supply contract ever."

A six-year purchase contract with Shell was concluded in 2020 for 250 mcm of liquefied natural gas annually, between 2021 and 2027. That was Hungary's first long-term LNG deal with a Western energy company.

The LNG comes in via Croatia's Port Krk where it is regasified and then delivered to Hungary through the Hungary-Croatia gas pipeline.

Hungary consumes around 8 billion cubic metres of gas a year. It is still the biggest buyer of Russian gas in the European Union.

RUSSIAN GAS PURCHASES TO CONTINUE

Szijjarto said the cooperation with Shell is working well but it would still be buying 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.

Earlier this year, Slovakia and Hungary rejected European Commission plans to phase out Russian gas and other energy imports, deepening a rift with Brussels over their relations with Moscow.

Hungary, which has been receiving Russian gas from the south via Bulgaria and Serbia through the Turkstream pipeline, increased its purchases from Gazprom last year.

Szijjarto said earlier this month that Hungary had imported some 5 billion cubic meters of gas via the Turkstream pipeline through Serbia by the end of August, which meant this year's gas imports via Turkstream could hit a record high.

Hungary, which ships gas to Slovakia via an interconnector, also buys gas from Romania, and smaller volumes via the HAG pipeline which runs from Austria into Hungary.

(Reporting by Krisztina Than, Stephanie Kelly and Shadia Nasralla; writing by Nina Chestney; additional reporting by Marek Strzelecki, Francesca Landini and Milan newsroom; Editing by Sharon Singleton and Bernadette Baum)