Hungary will acquire a stake in Azerbaijan's Shah Deniz gas field, one of the largest in the world, the country's top diplomat told a briefing on Wednesday in Baku.
Hungary, a landlocked EU country, has been covering its natural gas imports mainly from Russia even after its invasion of Ukraine in 2022.
Acquiring a stake in this gas field "gives us (Hungary) protection from big energy price swings," Hungarian Foreign Minister Peter Szijjarto said.
"As Azerbaijan is a new player in our energy supply, this situation gives us a much more stable energy supply, much more security of energy supply."
Hungary is also buying 50 million cubic meters (mcm) of natural gas this year from Azerbaijan for the first time, Szijjarto added.
The Hungarian government's international spokesperson said on social media platform X after the announcement that acquiring the stake in the gas field "secures a significant portion of Hungary's gas needs."
The government did not reply immediately to Reuters questions seeking more detail.
The Shah Deniz field is one of the world's largest natural gas fields, with an annual production of nearly 30 billion cubic meters (bcm), said Szijjarto.
