Kazakhstan and Hungary have solidified an agreement to begin test deliveries of Kazakh oil to Hungary via the Druzhba pipeline in 2025. The deal follows a high-level meeting between Kazakh Energy Minister Almassadam Satkaliyev and Hungarian Minister of Foreign Economic Relations and Foreign Affairs Péter Szijjártó.
During the talks, the ministers evaluated the status and future potential of their bilateral energy cooperation, with a particular focus on the collaboration between Kazakhstan’s national oil company, KazMunayGas, and Hungary’s MOL Group. Both sides underlined the strategic significance of their partnership in the oil and gas sector, including their joint involvement in the Rozhkovskoye gas condensate field in Kazakhstan.
Beyond oil, Kazakhstan expressed interest in Hungary’s nuclear energy capabilities, particularly MVM Group’s expertise in producing dry cooling towers for nuclear power plants. The ministers explored opportunities for mutual knowledge exchange and discussed future projects in this domain.
“Kazakhstan highly values its strategic partnership with Hungary. We see tremendous potential to expand cooperation not only in the oil and gas sector but also in the peaceful use of nuclear energy. I am confident our joint efforts will support sustainable development and enhance energy security,” said Minister Satkaliyev.
The discussions also reflected the broader commitment to strengthen energy ties, with plans to further deepen collaboration in the coming years.
In 2024, the trade turnover between Kazakhstan and Hungary grew by 4.4%, nearing $200 million. Both nations are working towards their goal of achieving $1 billion in trade, agreeing to take additional steps to meet the target. Hungary’s direct investments in Kazakhstan have exceeded $370 million, with 16 joint projects worth $700 million underway in various sectors, including energy and industry.
Notably, MOL has invested $200 million in the Rozhkovskoye gas condensate field, while Globalia is developing solar power plants in several regions. UBM Holding also plans to build three feed factories worth $62 million this year.
Currently, about 30 Hungarian companies and 40 joint ventures operate in Kazakhstan, with Hungarian direct investments in the country surpassing $370 million since 2005.