(MENAFN- AzerNews)
In a recent press conference, Azerbaijan's Foreign Minister
Jeyhun Bayramov announced a pivotal collaboration with Hungary that
is set to deepen energy ties between the two nations. A Hungarian
company will join the development of the Shah Deniz gas field,
Azerbaijan's largest gas project, marking a significant step in
their bilateral relations.
This partnership underscores a strategic move to enhance energy
security and diversify energy sources for Hungary and the broader
European market. Hungary's involvement in the Shah Deniz project
signifies a broader commitment to energy cooperation, building on
existing investments and projects.
Minister Bayramov highlighted the burgeoning trade relationship
between Azerbaijan and Hungary, noting a substantial increase in
trade turnover over the past year. This economic growth sets a
positive backdrop for expanded cooperation in various sectors,
including energy.
During the press conference, the ministers discussed potential
avenues for collaboration, emphasizing the long-term partnership.
Hungary's leading energy company, MOL, already holds significant
stakes in key Azerbaijani energy projects: a 9.57% stake in the
Azeri-Chirag-Gunashli oil field and an 8.9% stake in the
Baku-Tbilisi-Ceyhan pipeline. These investments illustrate
Hungary's strategic interest in Azerbaijan's energy resources.
The Southern Gas Corridor project, aimed at enhancing energy
security for Europe, has been a focal point of Azerbaijan's energy
strategy. Negotiations with Hungary regarding the entry of
Azerbaijani gas into the European market are a critical component
of this project. Minister Bayramov noted that Azerbaijani gas is
already physically reaching Hungary, facilitated by the Solidarity
Ring project.
The Solidarity Ring, a collaborative initiative involving
multiple European countries, aims to create a unified system of
internal pipelines, ensuring more reliable and diversified gas
supplies. This project is expected to ease access to Azerbaijani
gas for several European countries, thereby strengthening the
continent's energy security and reducing reliance on a single
source.
The involvement of a Hungarian company in the Shah Deniz gas
field development is more than an economic partnership; it
signifies a shared vision for a secure, interconnected, and
diversified energy future. This collaboration is poised to enhance
the resilience of Europe's energy infrastructure, providing a
stable supply of natural gas amid global energy uncertainties.
Moreover, the strengthened energy ties between Azerbaijan and
Hungary are likely to spur further economic cooperation, with
potential growth in trade and investment across various sectors. As
Europe continues to seek reliable and sustainable energy sources,
the Azerbaijani-Hungarian partnership serves as a model for
international energy collaboration.
The announcement by Azerbaijan's Foreign Minister Jeyhun
Bayramov signals a significant milestone in Azerbaijan-Hungary
relations, highlighting the strategic importance of energy
cooperation. With the continued development of key projects like
the Shah Deniz gas field and the Southern Gas Corridor, both
nations are set to play crucial roles in shaping the future of
European energy security.
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