BAKU, Azerbaijan, April 26. Azerbaijan and Hungary will work on deepening cooperation in the energy sector and have identified specific directions, the protocol signed at the end of the 10th session of the joint commission between Azerbaijan and Hungary said, Trend reports.
“Increasing the volume of gas supplies from Azerbaijan to the EU is necessary. But it is necessary to develop cross-border gas transmission infrastructure for these purposes,” the protocol noted.
Additionally, the sides emphasize that they support any gas infrastructure and gas market development in Europe that will help to diffuse natural gas supplies to the EU, in particular to southern and southeastern Europe.
“An important part of the cooperation between Hungary and Azerbaijan in the fuel and energy complex is SOCAR's interaction with Hungarian companies. Particularly, MOL, which has already invested about 2 billion dollars in the Azeri-Chirag-Guneshli field block and the Baku-Tbilisi-Ceyhan pipeline, would like to open new business opportunities for exploration and production in Azerbaijan,” the protocol says.
The parties agreed to expand the partnership on production projects in Azerbaijan with the participation of Hungarian companies.
The sides also agreed to continue discussions between SOCAR and Hungarian company MVM Group on gas trading and storage in the long and medium term, as well as to explore other areas of oil and gas cooperation.
However, on electricity projects, Hungary and Azerbaijan discussed opportunities for Hungarian companies to participate in the construction of new electricity facilities.
“It is important to stimulate both future investments in the electricity sector and to exchange experience and information on topical issues in this regard. It is also important to exchange experience and information on renewable energy projects. The parties will continue to work on the Black Sea Energy project-a “green” corridor of energy transmission from future offshore wind farms in Azerbaijan to Europe,” the protocol of the intergovernmental commission signed in Baku noted.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel