Minister: Chevron will supply Hungary with 2 billion cubic meters of LNG
The state-owned MVM Group in Hungary has signed a five-year contract with the?U.S. The?Hungarian?foreign ministry announced on Tuesday that energy company Chevron will supply 2?billion cubic metres of liquefied gas.
Budapest is trying to diversify supplies despite angering other European Union members and NATO members.
Budapest is opposed to the 'EU's agreement to phase out Russian imports by 2027. This will end the blocs energy dependence on Moscow that has lasted for decades.
In a social media post, Foreign Minister Peter Szijjarto stated that "today we have achieved an important milestone in American and Hungarian energy co-operation?by signing a?contract for 400 million cubic meters?of LNG a?year."
We are interested in buying energy from as many different sources as possible and through as many different routes as we can, to ensure the lowest price.
After a visit to the White House by Prime Minister Viktor Orban, Hungary announced in November that it had?obtained an indefinite waiver of U.S. sanction to use Russian gas and oil.
Officials at the White House have said that the exemption is only for one year.
The official said that at the time,?Budapest was committed to purchasing U.S. Liquefied Natural Gas with contracts worth $600 million.
MVM's CEO said this month that it would still be able supply Hungary with gas, even if Russian imports were stopped. However, prices would probably rise. (Reporting Alan Charlish, Additional reporting by Krisztina than and Anna Wlodarczak Semczuk. Editing by Alison Williams).
(source: Reuters)
