Hungary, Azerbaijan exploring future of co-op in transportation of LNG, CNG

Oil&Gas Materials 11 January 2021 10:18 (UTC +04:00)
Hungary, Azerbaijan exploring future of co-op in transportation of LNG, CNG

BAKU, Azerbaijan, Jan.11

By Leman Zeynalova – Trend:

Energy relations between Hungary and Azerbaijan are experiencing an unprecedented growth, Dóra Zombori, Ministerial Commissioner for International Energy and Climate Relations of the Ministry of Foreign Affairs and Trade of Hungary told Trend.

She recalled that Hungarian MOL Group recently became a shareholder of the Azeri-Chirag-Gunashli project. “The completion of the transaction made MOL Group the largest Central European investor in Azerbaijan. This is a milestone in expanding MOL's international portfolio in this region. MOL Group will own the third largest stake in the ACG field and Baku-Tbilisi-Ceyhan pipeline after BP and SOCAR. This asset will certainly benefit Hungary, as more than half of MOL Group’s production will come from outside the Central and Eastern European region.”

Excellent political relations and regular high-level visits also contribute to the rapid expansion of energy relations, added Zombori.

She pointed out that Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó and Azerbaijani Minister of Energy Parviz Shahbazov created the Working Group between the Government of Hungary and the Government of the Republic of Azerbaijan on Energy that had its first session in Budapest on 14 February 2020.

“One of the concrete outcomes of the founding session of the Working Group on Energy was an agreement on knowledge sharing by Hungary concerning system integration of renewable energy sources covering both technical and regulatory aspects. In addition, the following areas of cooperation have been identified: mutual support in organizing events, investment cooperation in the field of energy, strengthening cooperation in the areas of new technologies, R&D and Innovation, the expansion of cooperation in the areas of marketing and trading, including supply of crude oil and oil products, exploring the future of cooperation in the field of transportation and distribution of natural gas, LNG and CNG. We look forward to joint activities in this framework,” she said.


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