Baku: Hungarian official Mark Alf¶ldy-Boruss, Deputy State Secretary at the Hungarian Ministry of Energy, announced that the key terms of a new energy agreement between Hungary and Azerbaijan have been finalized. The announcement was made during his speech at the Baku Energy Forum, where he highlighted the strategic advancement in energy cooperation between the two nations.
According to Azeri-Press News Agency, Alf¶ldy-Boruss detailed that after five years of successful collaboration, both countries have agreed on the main principles of a new exploration, production, and product sharing agreement. This partnership is seen as a significant contribution to energy security, extending beyond the regional framework and impacting the broader European Union.
He further informed that Hungary has begun participating as an investor with a 5% stake in one of Azerbaijan’s gas production projects as of 2023. This move is part of Hungary’s strategy to diversify its energy sources, with Azerbaijan playing a crucial role in ensuring Europe’s energy stability. Alf¶ldy-Boruss emphasized that Azerbaijan is not only a dependable partner but also a key player in the region’s energy landscape.
Additionally, he expressed Hungary’s support for Azerbaijan’s green energy initiatives and conveyed readiness for future collaborations in this sector.