Hungarian energy conglomerate MVM will buy a 5 percent stake in Azerbaijan's Shah Deniz gas field, the state-owned company said in a June 5 statement. The Shah Deniz field is one of the world's largest natural gas fields, with an annual production of 29 billion cubic meters (bcm), the MVM statement said. The stake's size would translate into an annual gas supply of 1.5 bcm for Hungary, which began a 15-year gas contract with Russia in 2021. Hungary is also buying 50 million cubic meters of natural gas this year from Azerbaijan, Hungarian Foreign Minister Peter Szijjarto said.
Hungary To Buy 5 Percent Stake In Azerbaijan's Shah Deniz Gas Field
A platform on Azerbaijan's Shah Deniz gas field (file photo)