“Hungary is interested in Lukoil’s upstream asset in Azerbaijan,” a source reported. In this way, Hungary aims to expand its presence in the Shah Deniz project.
The same asset is also of interest to several American companies, and the situation is expected to be resolved by 13 December—provided the U.S. Treasury does not introduce any amendments to the sanctions imposed in October this year on Lukoil’s foreign assets.
Notably, during his meeting with the Russian president in Moscow on 28 November, Hungarian Prime Minister Viktor Orbán stated that major agreements could be concluded between Russian and Hungarian companies, primarily MOL, though he did not disclose further details. During his visit to the U.S., Orbán secured several exemptions from President Trump, underscoring Hungary’s challenges in securing energy supplies.
Hungary continues to receive the bulk of its oil from Russia through the Druzhba pipeline and its gas via TurkStream.
It should be recalled that Lukoil’s assets have attracted interest from ExxonMobil, Carlyle, Chevron, and several other companies. In Bulgaria and Romania, the governments themselves are seeking to buy out Lukoil’s refineries and fuel retail networks. Lukoil’s international business portfolio includes refineries in Bulgaria, Romania, and the Netherlands; stakes in fields in Kazakhstan, Uzbekistan, Azerbaijan, Iraq, and Mexico; and hundreds of retail fuel stations worldwide.
“MOL approached the U.S. Treasury to negotiate a potential purchase of Lukoil’s stakes in several countries. But the final decision rests with Lukoil—and only with the approval of the U.S. Treasury,” another source noted.
Hungary is steadily expanding its participation in energy projects both in the CIS countries and in Türkiye.
