Hungary: Export Exim Bank approves 145MUSD for gas business in Azerbaijan

5. May 2015. / SEE Energy News

It is certain that the gas from Azerbaijan will reach Europe, but other solutions to the gas supply diversification in Europe are just a dream for now, said Hungarian Foreign Minister Peter Szijjarto after a two-day meeting of the Azerbaijani-Hungarian Mixed Commission.

The gas will be transported from the gas field Shah Deniz, via the Trans-Adriatic and the Trans-Anatolian gas pipeline, so that Azerbaijan is a partner of great importance from the standpoint of energy security, said Szijjarto. To ensure a stable supply of energy for Europe, it is necessary to diversify sources of supply, said Szijjarto at a joint news conference with Azerbaijani Minister of Economy Shahin Mustafayev, who said that gas from Azerbaijan would be on the European market in a period of one year.

Szijjarto stated that the Hungarian Exim Bank approved a loan of 145 million dollars for Hungarian SMEs and for financing the export in Azerbaijan. Hungarian State Company MVM began talks on participation in the development of Azerbaijani transmission systems, and oil and gas company MOL negotiates with Azerbaijani company SOCAR on production cooperation.

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