Hungary Acquires Share in Azerbaijan Gas Field
Hungary and Azerbaijan have recently made a historic agreement that will significantly enhance Hungary’s energy security. The collaboration involves Hungary purchasing a stake in one of the world’s largest natural gas fields located in Azerbaijan. This strategic move will not only elevate Hungary’s standing in the global energy market but also provide the country with a greater level of control over its natural gas needs.
Minister of Foreign Affairs and Trade Péter Szijjártó announced this groundbreaking agreement during a joint press conference with his Azeri counterpart, Jeyhun Bayramov, in Baku. The deal allows Hungary to acquire ownership in the Shah Deniz field, which produces nearly 30 billion cubic meters of gas annually and plays a crucial role in supplying gas to Europe through the Southern Gas Corridor.
Mr. Szijjártó emphasized that this partnership with Azerbaijan marks a new era in Hungary’s energy supply security, offering protection against market price fluctuations and uncertainties. The collaboration between the two countries has already yielded positive results, with Hungary purchasing natural gas from Azerbaijan for the first time and additional ventures in green energy transport and oil production in the pipeline.
Furthermore, MOL, Hungary’s Oil and Gas Plc., has made significant investments in Azerbaijan, solidifying its position as a key player in the region’s energy sector. Negotiations between MOL and SOCAR for the purchase of liquefied natural gas are underway, further strengthening the energy cooperation between Hungary and Azerbaijan.
Overall, this partnership with Azerbaijan is seen as a strategic move that will provide Hungary with a more stable and secure energy supply in the long term. With both countries committed to further collaboration and mutual benefits, the future looks bright for Hungary’s energy security.
