SOCAR, Hungary’s MVM ONEnergy Sign New Gas Supply Deal to Expand European Deliveries

SOCAR and Hungary’s MVM ONEnergy signed a new natural gas supply deal effective January 2026, expanding Azerbaijan’s pipeline exports to Europe and strengthening regional energy ties through the South Caucasus and TANAP systems.

BAKU (P&GJ) — SOCAR, the State Oil Company of the Azerbaijani Republic, has signed a new natural gas supply agreement with Hungary’s MVM ONEnergy, expanding cooperation between the two countries in Europe’s energy market. The deal will take effect January 1, 2026, SOCAR said in a statement.

The agreement was signed during a meeting between SOCAR President Rovshan Najaf and MVM Group CEO Karoly Matrai, where the parties discussed broader collaboration on gas supply, infrastructure development, and sustainable energy initiatives.

“During the meeting, SOCAR and MVM ONEnergy signed a new agreement on natural gas supply. The agreement, which enters into force on January 1, 2026, serves to further strengthen the strategic energy partnership between Azerbaijan and Hungary,” SOCAR said.

The new deal builds on a previous contract between SOCAR and MVM CEEnergy signed in June 2023, covering 100 million cubic meters of gas with deliveries starting in April 2024.

MVM Group currently holds a 5% stake in the Shah Deniz gas project and a 4% share in the South Caucasus Pipeline Company (SCPC), operator of the South Caucasus Pipeline (SCP) — a key export route linking the Caspian region to Europe.

Azerbaijan exported 25.2 billion cubic meters (Bcm) of gas in 2024, up nearly 6% year over year, with more than half of that — 12.9 Bcm — sent to European customers. The country supplies gas to 11 European nations, including Italy, Greece, Bulgaria, Romania, Hungary, and Germany, primarily via the TANAP and SCP pipelines.