Hungarian company joins Azerbaijan's largest gas project, Shah Deniz

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.