Right here is the announcement: Hungary is shopping for a stake in a pure gasoline area in Azerbaijan!

“The Shah Deniz area is without doubt one of the largest pure gasoline fields on this planet, its annual manufacturing is near 30 billion cubic meters, and a major a part of the extracted gasoline goes to Europe by way of the so-called Southern Fuel Hall,” stated the minister.

He said that it is a “traditionally new state of affairs by way of Hungary’s vitality provide”, and thus offers our nation with a lot higher safety in opposition to “main vitality market worth actions and uncertainties” than earlier than.

The pinnacle of the ministry highlighted that three essential milestones had been crossed within the relationship between the 2 international locations this yr:

• One is that this yr Hungary purchased pure gasoline from Azerbaijan for the primary time, within the quantity of fifty million cubic meters, and each side are able to proceed the cooperation. In accordance with an announcement final summer season, the vitality suppliers of the 2 international locations concluded an settlement for the availability of 100 million cubic meters of pure gasoline, and it was already established at the moment that this may very well be the premise for concluding a long-term gasoline buy contract of round 2 billion cubic meters per yr.
• “Then by July, the joint firm between Azerbaijan, Georgia, Romania and Hungary shall be established, the duty of which shall be to deliver the inexperienced vitality produced within the Caspian area to Central Europe,” he underlined. There have been extra bulletins about this on the finish of final yr, a line shall be constructed, by way of which the area will get inexperienced electrical energy.
• 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 area.

In accordance with his data, Mol produced greater than 5 million barrels of crude oil final yr, which represents 15 p.c of the corporate’s group-level manufacturing.

And as a continuation of this cooperation, negotiations between Mol and SOCAR on a framework contract for the acquisition of liquefied gasoline have began

– he knowledgeable.

“Since Azerbaijan is a brand new participant in our vitality provide, this example offers us with a way more secure vitality provide and far higher safety within the vitality provide,” the minister said.

Supply of canopy picture: Péter Szijjártó’s Fb web page