Minister of Overseas Affairs and Commerce Péter Szijjártó introduced at a joint press convention along with his Azeri counterpart, Cejhun Bajramov, that that they had signed a historic settlement throughout the day, following which Hungary will enter a brand new, a lot larger stage on the world vitality market.
– Hungary is shopping for a stake in one of many world’s largest pure gasoline fields, which is situated right here in Azerbaijan. The Shah Deniz subject is likely one of the largest pure gasoline fields on the earth, its annual manufacturing is near thirty billion cubic meters, and a big a part of the extracted gasoline goes to Europe through the so-called southern gasoline hall, he added. – Pursuant to the settlement, Hungary buys a stake on this pure gasoline subject. This improvement places Hungary’s pure gasoline provide safety in a very new dimension. In follow, we are going to personal a big a part of our pure gasoline wants, he continued.
In line with him, it is a traditionally new scenario in Hungary’s vitality provide, and thus offers our nation with a lot better safety in opposition to massive vitality market worth actions and uncertainties than earlier than.
In line with the telegraph workplace, Péter Szijjártó highlighted that the strategic partnership between the 2 nations provides Hungary an enormous aggressive benefit and, on the identical time, important safety, after Azerbaijan has grow to be an especially necessary participant in our nation’s vitality provide. He identified that three necessary milestones have been crossed this 12 months, one in all which is that Hungary purchased pure gasoline from Azerbaijan for the primary time this 12 months, within the quantity of fifty million cubic meters, and either side are able to proceed the cooperation.
– By July, the joint firm between Azerbaijan, Georgia, Romania and Hungary will probably be established, the duty of which will probably be to deliver the inexperienced vitality produced within the Caspian area to Central Europe – he underlined. He additionally talked about that the worth of Mol’s investments in Azerbaijan reached two billion {dollars}, making the Hungarian firm the third largest proprietor of the South Caucasus nation’s largest offshore oil subject.
In line with his info, Mol produced greater than 5 million barrels of crude oil final 12 months, which represents 15 p.c of the corporate’s group-level manufacturing.
– As a continuation of this cooperation, the negotiations between Mol and SOCAR concerning a framework contract for the acquisition of liquefied gasoline have began – he introduced. He added: since Azerbaijan is a brand new participant in our vitality provide, this example offers us with a way more steady vitality provide and way more safety within the vitality provide.
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