Chevron Corporation announced a five‑year agreement to supply 2 billion cubic metres of liquefied natural gas to Hungary’s state‑owned MVM group, marking the first time U.S. LNG will enter the country’s energy mix.
The deal is a key component of Hungary’s broader strategy to diversify its gas imports and reduce dependence on Russian supplies. By adding a U.S. source, Hungary strengthens its energy security and aligns with European efforts to secure alternative pipelines and terminals.
For Chevron, the contract expands its LNG footprint in a high‑growth European market and complements existing long‑term deals with Shell and Engie. The 2 billion‑cubic‑metre volume represents a significant addition to Chevron’s LNG portfolio and supports the company’s goal of growing its LNG business in key regions.
While the financial value of the contract has not been disclosed, the volume and five‑year term provide a predictable revenue stream that will bolster Chevron’s LNG segment performance and enhance its competitive position against other U.S. exporters.
The agreement comes amid a broader shift in Europe toward U.S. LNG exports as nations seek to reduce reliance on Russian gas. Chevron’s long‑term contracts, including a 20‑year deal with Energy Transfer LNG, position the company to capture this growing demand and reinforce its role as a leading U.S. LNG supplier.
The deal underscores the strategic alignment between Chevron’s growth objectives and Hungary’s energy diversification goals, illustrating how long‑term LNG agreements can serve both corporate expansion and national security interests.
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