BUDAPEST, Feb 29 (Reuters) – Hungarianโ energy group MVMโข is preparingโฃ to phase out Russian gas supplies if necessary, the companyโค said on Thursday, as โคEurope seeks to โreduce its reliance on Russian energy sources amid the war in Ukraine.
MVM, Hungary’s largest energyโข company, is working โto diversify itsโ gasโ sourcesโฃ and increase domestic production, โaccording to a statement. โคWhile currentlyโฃ reliant on Russian gas, the companyโฃ is actively securing choice supplies through pipelines from neighboring countries and increasedโฃ liquefied natural gas (LNG) imports. Hungary has been โคa important outlier in โคEurope, maintaining gas โขimports fromโค Russia even โคafter the invasion of Ukraine.
“We areโ continuously working โขon reducing our dependence on a singleโ source,” said Krisztina Than, Chief Correspondent in Hungary and deputy bureau chief for CEE at Reuters.โ “MVM is preparing for various scenarios, including a โขcomplete halt of Russian gas โdeliveries.”
The company highlighted โขinvestments in infrastructure to facilitate the import of LNG โthrough Croatia and is exploring further opportunities for โdiversification. Hungary’sโข gas storage facilities are currently around 95% โฃfull, providing a buffer against potential disruptions.
Gergely Szakacs, a Reutersโ reporterโ covering central European economics, noted โthat 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 energyโฃ prices are forcing a โreassessment of its energy strategy,” he said.
hungary secured a long-term gas โฃsupply deal with Russia in 2021, but โthe current conflict has promptedโ aโ shift in approach. MVM stated it is committed to โensuring the security of Hungary’s energy supply and protecting consumers from โprice volatility.
