MVM's Shah Deniz role bolsters Hungary's energy independence, CEO confirms

"MVM's involvement in the Shah Deniz project, as highlighted by CEO Károly Mátrai at the 29th Baku Energy Forum, is set to bolster Hungary's energy independence," Azernews reports.

Mátrai emphasized, "While we invest in hydrocarbon exploration domestically and abroad, up to 90 percent of our energy needs are imported, with 40 percent sourced from Russia. We appreciate the gas supplies from Azerbaijan, Turkiye, and Qatar."

Regarding gas supply diversification, Mátrai noted Hungary's efforts and expressed concerns over increased transit tariffs by neighboring countries.

Under a purchase and sale agreement with the Azerbaijani state-owned enterprise Southern Gas Corridor CJSC (SGC), MVM Group secured a five-percent stake in the Shah Deniz offshore gas condensate field Production Sharing Agreement and a four-percent interest in the Azerbaijan Gas Company Limited (AGSC) pipeline system for EU-bound natural gas delivery.