BUDAPEST, Feb 29 (Reuters) – Hungarian energy group MVM is preparing to phase out Russian gas supplies if necessary, the company said on Thursday, as Europe seeks to reduce its reliance on Russian energy sources amid the war in Ukraine.
MVM, Hungary’s largest energy company, is working to diversify its gas sources and increase domestic production, according to a statement. While currently reliant on Russian gas, the company is actively securing choice supplies through pipelines from neighboring countries and increased liquefied natural gas (LNG) imports. Hungary has been a important outlier in Europe, maintaining gas imports from Russia even after the invasion of Ukraine.
“We are continuously working on reducing our dependence on a single source,” said Krisztina Than, Chief Correspondent in Hungary and deputy bureau chief for CEE at Reuters. “MVM is preparing for various scenarios, including a complete halt of Russian gas deliveries.”
The company highlighted investments in infrastructure to facilitate the import of LNG through Croatia and is exploring further opportunities for diversification. Hungary’s gas storage facilities are currently around 95% full, providing a buffer against potential disruptions.
Gergely Szakacs, a Reuters reporter covering central European economics, noted that this move reflects a broader trend in the region. “While Hungary initially resisted calls to reduce Russian energy imports, the ongoing geopolitical situation and rising energy prices are forcing a reassessment of its energy strategy,” he said.
hungary secured a long-term gas supply deal with Russia in 2021, but the current conflict has prompted a shift in approach. MVM stated it is committed to ensuring the security of Hungary’s energy supply and protecting consumers from price volatility.
