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Azerbaijan, Hungary review ways to expedite joint venture setup for green corridor (PHOTO)

Economy Materials 22 November 2023 10:53 (UTC +04:00)
Azerbaijan, Hungary review ways to expedite joint venture setup for green corridor (PHOTO)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, November 22. Azerbaijani Energy Minister Parviz Shahbazov met with Hungarian Foreign Affairs and Trade Minister Péter Szijjártó and Hungarian Energy Minister Csaba Lantos in Budapest, Azerbaijan's Energy Ministry told Trend.

During the meeting with Péter Szijjártó, the need of speeding the processes linked to the establishment of the Joint Venture (JV) was emphasized, as was satisfaction with the results of the ministerial meeting on the development and transfer of green energy.

"It was noted that the transport of huge quantities of "green" energy from Azerbaijan will play an important role in the successful execution of the "Caspian-Black Sea-European Green Energy Corridor." It was also mentioned that Uzbekistan and Kazakhstan are interested in transferring electricity from Central Asia to Europe via this corridor. The strategic value of the project was evaluated in terms of building a bridge between Azerbaijan and the European Union, particularly Hungary," the ministry said.

The importance of supplying Azerbaijani gas to the Hungarian market was mentioned at the meeting.

Prospects of gas supplies from Azerbaijan on a long-term basis, as well as development of cooperation with Hungarian companies in oil and gas projects were discussed.

The discussion of cooperation with Hungary in the field of hydrocarbons and green energy was continued at the meeting with Energy Minister Csaba Lantos. There was a broad exchange of views on expanding ties with MOL and MVM companies, as well as on the feasibility study (FS) process of the Green Energy Corridor project, and on the transmission of electricity to Europe. It was agreed that Hungary will provide practical support for the processes related to the connection to the European Association of Transmission System Operators of Electricity (ENTSO-E) network.

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