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Hungary-Azerbaijan cooperation on ACG, Baku-Tbilisi-Ceyhan pipeline can expand to new areas

Oil&Gas Materials 25 February 2021 18:00
Hungary-Azerbaijan cooperation on ACG, Baku-Tbilisi-Ceyhan pipeline can expand to new areas

BAKU, Azerbaijan, Feb. 25

By Nargiz Sadikhova - Trend:

The Hungarian MOL Group became the third-largest stakeholder in the ACG oil field and the Baku-Tbilisi-Ceyhan pipeline and I believe this cooperation can expand to new areas, Hungarian Ambassador to Azerbaijan, Viktor Szederkényi told Trend.

Szederkényi noted that the bilateral relations between Azerbaijan and Hungary that are both strategic and friendly, provide strong, solid foundations for developing our economic cooperation.

“Just before the pandemic, we managed to hold the 7th session of the Joint Intergovernmental Commission on Economic Cooperation in February 2020, which determined the priority areas for the upcoming years. Despite the difficulties, we were able to maintain the level of the trade turnover between our countries last year, but obviously, there is still a huge potential to expand bilateral trade, so it could reflect the high political importance we attach to the partnership with Azerbaijan,” he said.

Last year, Szederkényi noted, Hungary managed to complete its biggest ever investment of nearly $1.5 billion in Azerbaijan.

“The Hungarian MOL Group became the third-largest stakeholder in the ACG oil field and the Baku-Tbilisi-Ceyhan pipeline. I believe this cooperation can expand to new areas. Also, Hungarian pharmaceutical brands, like Gedeon Richter and EGIS had been well known in Azerbaijan for decades and the popular HELL energy drinks are Hungarian products as well,” Szederkényi said.

He also added that Hungary usually aims at joint projects that bring mutual benefits.

“Hungarian companies are already engaged in the agriculture and IT sectors in Azerbaijan, we also focus on areas, like smart/green urban solutions, energy efficiency, and water management, where Hungarian companies offer innovative technologies and know-how that we are ready to share,” Szederkényi added.

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