Hungary to buy 275mn m³ of gas from Turkey in 2024

Market: Natural gas
21/08/23

Hungarian state-owned MVM CEEnergy has agreed to buy 275mn m³ of gas from its Turkish counterpart Botas in 2024, Hungarian government officials said over the weekend.

The agreement was announced during Turkish president Recep Tayyip Erdogan's visit to Budapest on 20 August. MVM and Botas will work out the details of the contract by the end of this year, Hungary's energy ministry said.

Hungarian foreign minister Peter Szijjarto expects purchases from Turkey to take place in spring and summer next year, while negotiations will also begin about storing Turkish gas in Hungary's underground facilities, Szijjarto said.

Talks also touched on potential further co-operation between MVM and Botas on Hungarian combined-cycle gas turbine (CCGT) plant projects, the ministry said. Turkish privately owned firm Calik Enerji is a member in two of the six bidding consortiums recently shortlisted for developing MVM's three new CCGTs with a combined capacity of up to 1.65GW by 2026-27.

Turkey is already a transit market for Russian gas to Hungary delivered through the Turkish Stream pipeline and could help deliver future imports from Azerbaijan and potentially Turkmenistan to Hungary, Szijjarto said on 20 August. Hungary has previously expressed interest in receiving Turkmen gas, although there is as yet no route for this gas to reach Europe. Turkmenistan's "political will is clear" for Hungary to become a destination and transit country for potential future exports of Turkmen gas to Europe, but now that a "political agreement" has been reached, it is up to companies to conduct trade negotiations, Szijjarto said.

Commenting on Ukraine's statement that it will not negotiate with Russia on the extension of transit through Ukraine beyond 2024, Szijjarto said that "Serbia's president made it clear today that if Hungary wants to increase gas deliveries through Serbia, [Belgrade] can provide the necessary transport capacities". A recently formed Serbian-Hungarian trading company will start trading operations in September, he said.

Hungary has begun injecting 50mn m³ of Azeri gas into storage under a previously signed storage contract, Szijjarto said. MVM has a separate contract with Azeri state-owned supplier Socar to import 100mn m³ of gas in the fourth quarter. Budapest previously said it was seeking to sign a long-term supply contract for up to 2bn m³/yr of Azeri gas, but Szijjarto said on Sunday that the planned future contract would be "on the order of 1bn m³".

Szijjarto said last week that Hungary had a "political agreement" with Qatar on future LNG supply, which could begin from 2027. The emir of Qatar is in Hungary today on a state visit.

By Bela Fincziczki and Brendan A'Hearn

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02/04/26

Trump pledges to 'finish the job' quickly in Iran

Washington, 1 April (Argus) — President Donald Trump on Wednesday said the US is on track to finish all of its military objectives in the war against Iran "very shortly", but he again called on other countries dependent on Mideast Gulf oil to figure out how to reopen the strait of Hormuz. In his first prime time address to the US public since launching the war with Iran on 28 February, Trump made no new announcements about his plans for the course of the conflict. US armed forces have achieved "overwhelming victories on the battlefield", Trump said. Even so, Trump said he expects the war will continue for weeks, during continued negotiations with Iran and despite his claim earlier in the day that Tehran had asked for a ceasefire. "We're going to hit them extremely hard over the next two to three weeks," Trump vowed. "We're going to bring them back to the stone ages, where they belong." Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway where 20pc of global oil flows. "They must grab it and cherish it," Trump said. "They can do it easily. We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on." Trump openly mocked those countries that refused to join the US war effort and now can not get enough oil with the strait largely closed to traffic. "I have a suggestion: Buy oil from the United States of America," Trump said. "We have plenty. We have so much." And Trump mused that when the conflict ends, "the strait will open up naturally", since Iran will want to sell oil to rebuild. Trump acknowledged that many in the US are "concerned" to see gasoline prices rising, which he blamed "entirely" on the attacks Iran launched on tankers and neighboring countries. Trump said the war in Iran was not so long, when compared with other wars. Trump's national address comes at a time when Republicans are facing declining popularity over the war and its economic ramifications. The conflict has undercut a central message that Trump's policies have lowered prices at the pump and eased inflation. US motorists are now paying $1.05/USG more for gasoline and $1.59/USG more for diesel than they were before the war began. EU countries have begun to slash growth forecasts for 2026 and 2027 in response to surging commodity prices caused by the closure of the strait of Hormuz. Ryanair chief executive on Wednesday warned the budget airline and other European carriers may need to start cutting flights if the strait remains closed. US allies are confronting a position of dealing with the political fallout of rising prices for a war they did not initiate. "This is not our war," UK prime minister Keir Starmer said on Wednesday. "We will not be drawn into the conflict. That is not in our national interest." The most effective way to ease surging prices, Starmer said, is to push for "de-escalation in the Middle East". The long-term national interest of the UK will require "closer partnership with our allies in Europe and with the European Union", he said. Trump and his cabinet have signaled plans to pull back from Nato, out of their view that members of the defense alliance have failed to offer enough support in the war against Iran. The administration plans to review if remaining in Nato is still serving US interests, US secretary of state Marco Rubio said. "There is no doubt, unfortunately, after this conflict is concluded, we are going to have to re-examine that relationship," Rubio said in an interview on Fox News on Tuesday. Trump can not pull the US out of Nato without an affirmative vote by two thirds of the US Senate, under a 2023 law that was enacted in response to Trump's threats during his first term to exit the defense alliance. US senators Mitch McConnell (R-Kentucky) and Chris Coons (D-Delaware) on Wednesday said the Senate would continue to support Nato. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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01/04/26

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adds Iranian denial of ceasefire request in paragraph 4 London, 1 April (Argus) — The presidents of Iran and the US have each laid out simple conditions required in order for the war to de-escalate, but neither indicated they would take the first step. Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future. On Wednesday, US President Donald Trump said "Iran's new regime president" — presumably Pezeshkian, but this was not specified — has asked Washington for a ceasefire, but said this request would only be considered when Iran reopens shipping through the strait of Hormuz. Until then the US would continue its military campaign, Trump said. Iran's foreign ministry spokesman has since described Trump's claim of a ceasefire request as "false and baseless", according to Iranian state news agency Press TV. This would be consistent with Tehran's recent stance. Iranian officials, including foreign minister Abbas Araqchi, have repeatedly said Iran is not looking for a ceasefire, but wants a total end to hostilities. They have said a ceasefire will allow for the US and Israel to once again regroup and prepare for future attacks. "We do not believe in a ceasefire," Araqchi said. "We believe in ending the war." The US has been claiming negotiations with unidentified Iranian officials since last week, repeatedly remarking on "very good" progress. Iranian officials have consistently denied that any negotiations are underway. Trump is scheduled to address the US to "provide an important update on Iran" at 21:00 ET on Wednesday (02:00 GMT on Thursday), the White House said. He said on 31 March that US forces could leave the region within two to three weeks. Hormuz disruption The war in the Middle East is in a fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilizers and other commodities from the region. Pezeshkian reiterated that the strait is only closed to vessels with links to "Iran's aggressors and their supporters", and several Asian countries, including Malaysia and Thailand, have said in recent days that Tehran has given assurances of safe passage. Pakistan's foreign minister Ishaq Dar said at the weekend that Iran had approved 20 Pakistani-flagged vessels to traverse the strait. Abu Dhabi state-owned Adnoc's chief executive, Sultan al-Jaber, today described the strait's closure as "global extortion", and said "the world must act together to protect the free flow of energy and safeguard economic stability." With the US seemingly preferring other countries to take responsibility for securing the strait, the UK today said it will host this week a meeting of 35 nations' foreign ministers to assess ways of opening the waterway and to make it "accessible and safe after the fighting has stopped". London did not outline which countries are involved, but if they are the same 35 as co-signed a UK letter in mid-March calling for the strait to reopen this would be a new attempt to get an international coalition together. In the early days of the war France said it would create a coalition to secure vessel traffic through Hormuz, but Paris later backtracked on that , in line with the broader EU stance . By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran, US presidents trade peace requirements: Update

01/04/26

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01/04/26

Iran, US presidents trade peace requirements: Update

Recasts, with added comments from US president, Adnoc CEO, UK PM London, 1 April (Argus) — The presidents of Iran and the US have each laid out simple conditions required in order for the war to de-escalate, but neither indicated they would take the first step. Iranian president Masoud Pezeshkian said late on 31 March that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end, but only once it has ironclad guarantees that they will not attack Iran in the future. On Wednesday, US President Donald Trump said "Iran's new regime president" — presumably Pezeshkian, but this was not specified — has asked Washington for a ceasefire, but said this request would only be considered when Iran reopens shipping through the strait of Hormuz. Until then the US would continue its military campaign, Trump said. Iran has yet to offer any formal response to Trump's latest comments. If true, they would represent a departure from Tehran's recent stance. Iranian officials, including foreign minister Abbas Araqchi, have repeatedly said Iran is not looking for a ceasefire, but wants a total end to hostilities. They have said a ceasefire will allow for the US and Israel to once again regroup and prepare for future attacks. "We do not believe in a ceasefire," Araqchi said. "We believe in ending the war." The US has been claiming negotiations with unidentified Iranian officials since last week, repeatedly remarking on "very good" progress. Iranian officials have consistently denied that any negotiations are underway. Trump is scheduled to address the US to "provide an important update on Iran" at 21:00 ET on Wednesday (02:00 GMT on Thursday), the White House said. He said on 31 March that US forces could leave the region within two to three weeks. Hormuz disruption The war in the Middle East is in a fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilizers and other commodities from the region. Pezeshkian reiterated that the strait is only closed to vessels with links to "Iran's aggressors and their supporters", and several Asian countries, including Malaysia and Thailand, have said in recent days that Tehran has given assurances of safe passage. Pakistan's foreign minister Ishaq Dar said at the weekend that Iran had approved 20 Pakistani-flagged vessels to traverse the strait. Abu Dhabi state-owned Adnoc's chief executive, Sultan al-Jaber, today described the strait's closure as "global extortion", and said "the world must act together to protect the free flow of energy and safeguard economic stability." With the US seemingly preferring other countries to take responsibility for securing the strait, the UK today said it will host this week a meeting of 35 nations' foreign ministers to assess ways of opening the waterway and to make it "accessible and safe after the fighting has stopped". London did not outline which countries are involved, but if they are the same 35 as co-signed a UK letter in mid-March calling for the strait to reopen this would be a new attempt to get an international coalition together. In the early days of the war France said it would create a coalition to secure vessel traffic through Hormuz, but Paris later backtracked on that , in line with the broader EU stance . By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran repeats will to end conflict, but needs guarantees

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01/04/26

Iran repeats will to end conflict, but needs guarantees

London, 1 April (Argus) — Iran's president Masoud Pezeshkian said Tehran has the "necessary will" to bring the current conflict with the US and Israel to an end, but only once it gets ironclad guarantees that they will not attack Iran again in the future. "The solution to normalising the situation is to stop their aggressive attacks," Pezeshkian said late on 31 March. "We have not sought tension or war at any point, and we have the necessary will to end this war, provided the essential conditions are met, especially guarantees this aggression will not be repeated." Pezeshkian's comments were made in a telephone call with the president of the European Council, Antonio Costa, to discuss ways to de-escalate a situation that the latter said had become "extremely dangerous". The war in the Middle East is now in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. Tehran has been responding to the attacks by launching missiles and drones at Israel and US-linked assets across the Mideast Gulf, including critical energy infrastructure in Gulf Co-operation Council states. Iranian retaliatory attacks on commercial vessels in and around the strait of Hormuz have heavily restricted traffic through the key waterway, severely curtailing exports of crude oil, oil products, LNG, fertilisers and other commodities from the region. "The current situation in the… strait of Hormuz is a direct result of the hostile and aggressive actions of the US and the Zionist regime [Israel] against Iran," Pezeshkian said, reiterating that the strait is only closed to vessels with links to "Iran's aggressors and their supporters". Several Asian countries, including Malaysia and Thailand, have said in recent days that Iran has given assurances of safe passage for their vessels through the strait. Pakistan's foreign minister Ishaq Dar said over the weekend that Iran had also approved 20 Pakistani-flagged vessels to sail through the strait. Pezeshkian's comments came as US president Donald Trump said US forces could leave Iran within two to three weeks, potentially signalling the end of the ongoing war. "All I have to do is leave Iran, and we will be doing that very soon," Trump said late on 31 March, offering a timeline of "maybe two weeks, maybe three". The Trump administration has been claiming negotiations with unidentified Iranian officials since last week, repeatedly boasting of "very good" progress. Iranian officials have consistently denied that any negotiations are underway. But in an apparent change of tack, Trump said ending the war was now not dependent on securing a formal agreement with Tehran. "Iran does not have to make a deal, no," Trump said. "They don't have to make a deal with me." By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Western Australia's LNG projects restart production

31/03/26

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31/03/26

Western Australia's LNG projects restart production

Sydney, 31 March (Argus) — Western Australia's (WA) off line LNG projects are restarting some domestic gas production, while the Pilbara Ports Authority (PPA) is assessing damage from category 4 tropical cyclone Narelle, which passed through the region late last week. The ports of Dampier and Ashburton have been checked over, with structural damage to Dampier's general cargo import facilities, rendering the wharf inoperable, PPA said on 31 March. The bulk liquids terminal is operable, PPA said, meaning fuel imports for the region's major iron ore mines is unaffected. Ashburton port has also suffered damage to its general cargo wharf and this remains closed, with engineering teams looking over the facilities during the next few days. The port of Varanus Island — a central gathering and processing hub for oil, gas and condensate supplied by nearby fields, including those operated by Australian independent Santos — has reopened with no impacts to operations, PPA said. LNG projects recovering The region's affected LNG projects are slowly returning to production after Narelle took two major plants, the 14.3mn t/yr North West Shelf (NWS) and 8.9mn t/yr Wheatstone terminals, off line late last week . NWS' Karratha gas plant will be producing at 300 TJ/d and Wheatstone at 20 TJ/d on 1 April, indicating that some volumes are returning on line, according to the Australian Energy Market Operator's WA gas bulletin board, which measures domestic flows. Wheatstone may take weeks to return to full capacity, Chevron has said, while it returned one train at the 15.6mn t/yr Gorgon LNG terminal, which was taken off line during the cyclone to service on 29 March. The disruption to supply comes during an already tight supply balance in the Pacific basin, with Qatar's 64.2mn t/yr Ras Laffan terminal pausing production on 2 March due to the US-Iran war. Domestic gas flows fell from 1,202 TJ/d on 24 March to 558 TJ/d on 29 March due to Narelle's impacts, forcing alumina refineries run by US producer Alcoa to slash output temporarily . By Tom Major Argus LNG prices ($/mn Btu) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Hungary to buy 275mn m³ of gas from Turkey in 2024

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Trump pledges to 'finish the job' quickly in Iran

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Iran, US presidents trade peace requirements: Update 2

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Iran, US presidents trade peace requirements: Update

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Iran repeats will to end conflict, but needs guarantees

Iran repeats will to end conflict, but needs guarantees

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