Hungary considers Azerbaijan as guarantor of Europe’s energy security

Photo: Hungary considers Azerbaijan as guarantor of Europe’s energy security / Oil&Gas

Azerbaijan, Baku, Dec. 5 / Trend J. Nasibova /

Hungary considers Azerbaijan as a guarantor of Europe's energy security, State Secretary of Hungarian Prime Minister's Office and co-chairman of the Azerbaijani-Hungarian Intergovernmental Economic Commission Peter Szijjártó told media today.

He said the Hungarian side is interested in implementing the Nabucco gas pipeline project and Azerbaijani gas supplies to central Europe via this route.

The Nabucco project is a priority route for delivering Caspian and in particular Azerbaijani gas to South-East and Central Europe.

Nabucco and in particular Nabucco West, is part of a larger project namely the Southern Gas Corridor which will deliver gas from the Caspian region to the EU. This is its main advantage compared to the South Stream project which offers the diversification of supply routes, but does not diversify the sources of gas supply. As the EU has repeatedly stated this is the main goal and an important element in ensuring Europe's energy security.

Touching upon the Azerbaijan-Georgia-Romania Interconnector (AGRI) project's implementation, co-chairman of the Azerbaijani-Hungarian intergovernmental commission stressed that this project is not being developed as fast as expected.

"The acceleration of the project's implementation depends directly on the participating countries," he said.

A feasibility study is being prepared within the AGRI project. This means the estimated amount of investment required for its implementation has not yet been determined.

After the feasibility study is prepared, the most economically reasonable place for construction of a terminal for liquefied natural gas on the Black Sea coast of Georgia will be determined. Based on this document, the amount of investment required for the implementation of the planned activities on the territory of Georgia will be determined.

A feasibility study of the project is being prepared by British engineering company Penspen, which was determined on the basis of a tender.

At this stage, the project participants are four states - Azerbaijan, Georgia, Romania and Hungary. In February 2011, the parties established a joint venture for the project - SC AGRI LNG Project Company SRL. The Georgian side is represented by the Oil and Gas Corporation

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