Hungary: Azerbaijan key factor for the Hungary’s energy supply security

, SEE Energy News

Azerbaijan is key factor in the security of Hungary’s energy supply, said Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Baku.

Minister Szijjarto stressed that Azerbaijan’s importance in this area will increase when it starts supplying gas to southeastern Europe in the near future, adding that Hungary aims to connect its gas network to those pipeline running through southern Europe. He said a new source of gas would enter the Hungarian market from 2023 should Greece, Bulgaria and Romania carry out pipeline construction work according to the planned schedule. Hungary is hoping to buy 1 to 2 billion cubic meters of gas from Azerbaijan each year.

Hungarian-Azeri ties have been further boosted by economic cooperation, especially in the energy field. Recently, Hungarian oil and gas company MOL obtained a 1.5 billion dollar share of an Azeri oil field, the largest in the world, and the pipeline delivering the oil to Europe. MOL regards Azerbaijan as key to beefing up its role as a regional player.