Hungarian Company Joins Azerbaijan's Largest Gas Project, Shah Deniz
(MENAFN- AzerNews)
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Ulviyya Shahin
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During a press conference with his Hungarian counterpart Péter
Szijjártó, Azerbaijan's Foreign Minister Jeyhun Bayramov announced
that a Hungarian company will participate in the development of the
Shah Deniz gas field, Azerbaijan's largest gas project, Azernews
reports.
This collaboration marks a significant step in strengthening
energy ties between the two countries.
Minister Bayramov highlighted the potential for further growth
in trade turnover between Azerbaijan and Hungary, which saw a
substantial increase last year. The ministers discussed ways to
expand cooperation in various directions during their
negotiations.
Emphasizing the long-term partnership, Bayramov noted that
Hungary's largest energy company, MOL, already holds a 9.57% stake
in the Azeri-Chirag-Gunashli project and an 8.9% stake in the
Baku-Tbilisi-Ceyhan pipeline. With the implementation of the
Southern Gas Corridor project, negotiations began with Hungary
regarding the entry of Azerbaijani gas into the European
market.
Bayramov noted that Azerbaijani gas is already physically
reaching Hungary, and both countries are participating in the
Solidarity Ring project, which encompasses many European countries
and creates a unified system of internal pipelines.
The realization of this project is expected to create conditions
for more comfortable access to Azerbaijani gas in several European
countries, the minister said.
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