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Hungary to Receive Gas from Croatian LNG Terminal

D&T
June 9, 2020

MFGK Croatia d.o.o., the Croatian subsidiary of Hungarian Gas Storage Ltd. (MFGK), part of the MVM Group, has signed a package of agreements to book a capacity of up to one billion cubic meters of gas annually for a period of almost seven years in the Krk LNG terminal in Croatia from January 1, 2021.

Booking this capacity at the terminal and the LNG source of the gas purchased for the reserved capacity are of historical significance, as this will be the first time that a dedicated source of natural gas from LNG source arrives for the supply of Hungary. The agreements are also in line with the MVM Group's strategic goal for natural gas source and route diversification, as the acquired LNG resources come exclusively from Western European market participants, the company wrote in a statement.

According to an MVM Group statement, the Krk LNG terminal is also in line with the European Union's efforts to diversify natural gas sources and routes, as the terminal is one of the endpoints of the North-South gas corridor, a priority project of the Central and South-Eastern European Energy Interconnection Initiative (CESEC) adopted in 2016. It is also in line with the EU strategy for liquefied natural gas and natural gas storage. The EU provided EUR 101.4 million in financial support from the European Networking Facility.

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