Shell will start supplying natural gas to MVM CEEnergy in January of next year. Credit: FotograFFF/Shutterstock.com.

Oil and gas company Shell has entered into a ten-year contract to supply natural gas to Hungary-based MVM CEEnergy, a member of MVM Group.

The deal, commencing in January 2026, will see Shell provide approximately 200 million cubic metres (mcm) of natural gas annually to the Hungarian wholesaler, reported Reuters.

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Despite most European countries reducing reliance on Russian energy following the Ukraine conflict, MVM Group still sources a considerable portion of its gas from Russia.

Hungary Foreign Minister Peter Szijjarto has hailed the agreement as the “largest volume and longest western supply contract ever” for the country.

This statement comes in the context of Hungary’s continued substantial purchases of Russian gas, making it the largest buyer within the EU.

This new deal builds upon a previous six-year agreement signed in 2020, under which Shell has been supplying 250mcm of liquefied natural gas (LNG) each year to Hungary.

The LNG is transported to Croatia’s Port Krk, regasified and then supplied to Hungary via the Hungary-Croatia gas pipeline.

Hungary’s annual gas consumption stands at around eight billion cubic metres (bcm).

Despite the collaboration with Shell, Szijjarto confirmed that Hungary would maintain its gas imports from Russia’s Gazprom.

Szijjarto said: “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.”

Earlier in 2025, Hungary, alongside Slovakia, opposed European Commission proposals to eliminate Russian energy imports, highlighting a divergence with Brussels regarding their stance towards Moscow.

Hungary has increased its gas imports from Gazprom, particularly through the Turkstream pipeline via Bulgaria and Serbia.

Szijjarto noted that by the end of August, Hungary had imported around 5bcm of gas through Turkstream, potentially setting a new record for the year’s imports.

Additionally, Hungary facilitates the transit of gas to Slovakia through an interconnector and acquires gas from Romania and Austria via the HAG pipeline.