Azerbaijan is key gas supplier to Nabucco: interview with MOL CEO

Azerbaijan is key gas supplier to Nabucco: interview with MOL CEO

Azerbaijan, Baku, May 8 / Trend , A.Badalova/

Interview Trend with Chairman and Chief Executive Officer of MOL, which is one of the shareholders of Nabucco project, Zsolt Hernadi.

Trend : Your company is one of the shareholders of Nabucco gas pipeline project. What are your expectations for Nabucco summit on May 8 in Prague?

Zsolt Hernadi: We are welcoming the Prague Nabucco summit and consider it as another step for gaining support for the project.This year started with the Budapest Summit in January, a very good momentum for enhancing the political support for Nabucco.  It was a successful event that gathered high level government representatives from all Nabucco shareholders, as well as gas producing countries. The Nabucco meeting in Sofia was also meant to continue the project's boost and I am confident that the Prague summit will significantly add to the project's advance

Q: Could the world financial crisis affect the predicted cost of Nabucco gas pipeline construction and reduce it due to drop in steel prices and prices for labour?

A: It is a possibility. By all means, there were talks with the EIB and the EBRD, and with credit export agencies. Few months ago, at the meeting in Budapest, the CEO of the EIB, Philippe Maystadt, announced that the bank is ready to finance 25% of the project for over two billion euro. The credit agencies are also ready to finance the supplies and construction, therefore we do trust that Nabucco will be successfully realized. If there is an opportunity on the market that could lead to a reduced price of the construction, we will surely welcome it.

Q: Which of these priorities does Hungary follow: to devote all efforts to Nabucco or to move forward slowly but surely?

A: One of Hungary's top priorities is the security of supply in the region and MOL is fully committed to the Nabucco project, as constantly proven until now.We strongly believe in the necessity of Nabucco and we will continue to dedicate our efforts to have a contribution in making it happen.

Q: What is your prognosis on demand for gas in Europe, in particularly in Hungary? Don't you exclude the possibility of gas demand reduction in the light of the world financial crisis?

A: The demand for gas depends to a great extent on the temperature (1-2 bcm per year consumption difference in Hungary) and in addition, the general economic conditions. However, since major part of the gas demand is generated by the industrial segment, a deep and long recession is "necessary" to have a visible, long-term impact on gas consumption numbers. With regards to the recent gas crisis period, our analysis showed that the economic recession affected the gas consumption significantly.

Q: What role do you attach to Azerbaijan in terms of diversification of Europe's energy supply sources?

A: Azerbaijan is key supply country for Nabucco, not only due to the huge gas resources in Shah Deniz, but also due to its existing pipeline connection with Turkey.

President Ilham Aliyev, who made us the honor to participate at the Nabucco Budapest Summit in January, was very positive about the involvement in the project and re-stated the intention of Azerbaijan to become a supplier for the Nabucco project and for Europe. More than that, in light of the good relations between Europe and Azerbaijan, it would be expected a long-lasting, mutually advantageous partnership.

Do you have any feedback? Contact our journalist at: [email protected]

Uzbekistan resumes flights to UAE's Sharjah
Uzbekistan resumes flights to UAE's Sharjah
Georgian air company Air Georgia implements new project with United Arab Emirates
Georgian air company Air Georgia implements new project with United Arab Emirates
Volume of market services in Uzbekistan’s transport sector remains predominant despite decrease
Volume of market services in Uzbekistan’s transport sector remains predominant despite decrease
Loading Bars
Latest
Supplies of jewelry from Turkey to Iraqi market decline in 9M2020
Dissemination of inaccurate info by some websites not to affect Qatar-Azerbaijan relations - embassy
Kazakhstan’s ERG Service to establish foundry products export to Uzbekistan
Turkish jewelry supplies to Azerbaijani market plunge
No diplomatic way to resolve Karabakh conflict, admits Armenian PM
Georgia implementing new project to provide remote villages with internet
Actual revenues to Azerbaijan's budget from State Customs Service top forecast
SOCAR details plans for expanding gas distribution network in Georgia
Iranian Energy Exchange announces products to be on sale October 24
Compound feed producing plant to be commissioned in Almaty
Most Azerbaijani monuments in occupied territories Armenianized or destroyed
Georgia reveals TOP 5 banks with highest interest on loans
Uzbekistan reveals growth rate of investments spent in fixed assets for 9M2020
China's import of jewelry, precious stones from Turkey slumps
EU leaders to hold COVID-19 video-conference October 29
Iran's Persian Gulf Star Oil Company boosts its exports
Turkey increases export of jewelry to US - Ministry of Trade
Transfers by Azerbaijan's State Oil Fund to state budget for 9M2020 revealed
Union of Importers of Oil Products of Georgia talks adoption of new standard for diesel fuel
Subsidies for agriculture dev't allocated in Kazakhstan's Almaty region
Price of mobile internet down in Georgia
Data on sales in foreign currency at Turkmenistan’s exchange in September
Bahar Azadi gold coin price continues to fall in Iran
Fitch Ratings notes Georgia’s ability to comfortably meet its funding needs
Volume of paid salaries decreases in Georgia
Germany's 9M2020 import of Turkish jewelry shrinks
President Ilham Aliyev interviewed by Japan’s Nikkei newspaper (PHOTO)
Azerbaijan, Russia enhancing bilateral co-op on innovative dev't, digital economy
Uzbekistan resumes flights to UAE's Sharjah
Eni sets timeframe for wind farm construction in Kazakhstan
Azerbaijan itself implementing UN Security Council resolutions
Azerbaijan reveals state budget revenues, expenditures for 9M2020
Students of Baku Higher Oil School donate their scholarship allowances to Armed Forces Assistance Fund
Amount of investments made to launch of enterprises in Iran increases
Uzbekistan suspends gold export
Khazar Consortium opens tender for purchase of fire-fighting equipment
Georgia's import of tubes, pipes, hollow profiles from Turkey up
Three more UAVs of Armenia destroyed
Ambassador of Mexico met with Executive Director of SOFAZ
Russian entrepreneurs, well-known arm dealers involved in arming Armenia - President Aliyev
Uzbekistan considers state budget for 2021 taking into account COVID-19
Exports of knitwear from Georgia to Turkey down
Armenia creating suicide squads consisting of prisoners sentenced to death
UAE increases exports to Kazakhstan amid COVID-19
Chevron expresses will for further co-op with Kazakhstan in energy sector
Azerbaijani agency joins int'l public-private partnership association
Azerbaijani, Russian FMs meet
Exports of furniture, wood from Turkey to Turkmenistan increased
Nasdaq profit surges 76% on non-trading business strength
Georgian air company Air Georgia implements new project with United Arab Emirates
Weighted average rental rates reduce on Georgian main high streets
Azerbaijan's victory in Karabakh conflict beneficial to all parties, Russian expert says
Azerbaijan to build power supply stations in deoccupied districts
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
EAEU reveals export of Turkmen vehicles
Georgia sees increase in export of flours, meals, pellets to Turkey
Operating performance of financial institutions improves in Georgia
Georgia reduces import of medicaments from Turkey
Wood, furniture exports from Turkey to Ukraine decline
Iran reveals its COVID-19 data for October 21
We drove Armenian army out of our lands so fast that they fling up their heels - President Aliyev
Azerbaijan confirms 176 more COVID-19 recoveries
Military equipment abandoned by Armenian army on battlefield (PHOTO / VIDEO)
President Ilham Aliyev on possibility of observers introduction
At the last moment Armenian refused to return Kalbajar and Lachin, says president of Azerbaijan
Iran restarts extraction from Sulabdar oil field
Azerbaijan reaffirms position on Lachin corridor which is part of fundamental principles - President Aliyev
President Aliyev says no country helping Azerbaijan in fight with Armenia
If Armenian side says it is ready to withdraw troops from occupied territories, issue of so-called observers can be considered - President Aliyev
Azerbaijan wants peace, also territories that rightfully belong to it - President Aliyev
Full responsibility for what is happening now lies squarely with Pashinyan, says Azerbaijani president
We are offered to make concession to Armenia, unilateral concession, while nothing being offered in return - President Aliyev
Azerbaijan ready to suspend military operations, resolve issue at negotiating table - President Aliyev
Armenia’s terrorist authorities must be punished – Azerbaijani MP (VIDEO)
Georgia, UK aim to strengthen business and commercial ties
Volume of market services in Uzbekistan’s transport sector remains predominant despite decrease
Azerbaijan to issue support for children who lost parents after Armenia's Ganja attack (PHOTO)
Turkey raised wood, furniture exports to Russia - Trade Ministry
Heads of Christian religious communities of Azerbaijan protest against draft resolution submitted to US Congress
TANAP named Project of the Year by US-based PMI
Eni Turkmenistan Limited opens tender related to data transmission services
Tajikistan's import of Turkish furniture down
Demand for Azerbaijani CBA's short-term notes exceeds supply
Value of goods exported from Iran's Sistan and Baluchestan Province revealed
Turkic Council condemns Armenia's attacks on populated areas, civilians in Azerbaijan
Azerbaijani ASB Bank's 3Q2020 assets down
Turkmen company considers opening production facility in Kazakhstan
Armenian aggression against innocents in Azerbaijan - condemnable offense, says Pakistani expert
Turkey's wood, furniture exports to Pakistan edge lower
Kazakhstan increases imports from Switzerland
Azerbaijan destroys another Armenian UAV - Defense Ministry
Azerbaijan's Prosecutor General's Office warns foreign citizens (VIDEO)
Georgia announces its plan about Tskaltubo spa resort
Azerbaijan reveals data on airfreight operations for 9M2020
"Together we are POWER": ENGINET supports injured children in Ganja city (FOTO)
Precious metal prices in Azerbaijan rising
Volume of gas pumped into Serajeh gas storage facility in Iran soars
Azerbaijan's railway cargo transportation down within 9M2020
Value of wood, furniture exports from Turkey to Uzbekistan down
Hungary reiterates its support for Azerbaijan's territorial integrity
All news