Hungary's MVM to Buy Gas from Turkey's BOTAS in 'Groundbreaking' Deal

(Reuters) — Hungarian energy conglomerate MVM has agreed to buy about 300 million cubic meters of natural gas from Turkish energy company BOTAS.

"This strategic arrangement is part of the government's comprehensive initiative to bolster national energy self-sufficiency," Hungarian government spokesman Zoltan Kovacs said on social media platform X, formerly known as Twitter.

"This move aims to enhance energy security and stabilize gas prices, given the international energy crisis caused by conflicts and sanctions."

The proposed purchase was agreed during the visit of Turkish President Tayyip Erdogan to Hungary on Sunday and details are expected to be finalized by the end of the year, Kovacs said.

A BOTAS statement described the deal as a "groundbreaking agreement" marking the first time Turkey has agreed gas exports with a non-neighboring country and that it will boost security of European energy supply.

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