Hungary's MVM company is interested in participating in Azerbaijan's renewable energy sector, said Karoly Matrai, the head of the MVM company, at the event "Innovative Pathways to a Greener Future: Renewable Energy and Emission Reduction" held at ADA University, APA Economics reports.
According to him, the company is a participant in the development project of the "Shah Deniz" gas-condensate field in Azerbaijan.
"We would like to share our experience with Azerbaijan. We are also interested in participating in the country’s renewable energy sector because we see extensive business opportunities in the region. The Green Energy Corridor project is of great importance to Hungary. Just as the Shah Deniz project contributes to the diversification of Hungary’s energy supply, the Green Corridor is another opportunity," Karoly Matrai noted.
He explained that this becomes crucial because Hungary does not produce enough electricity and pays 20-25% of its demand at the expense of imports depending on weather conditions.
"The Green Energy Corridor project will open access to cheap electricity from the Caspian, which will create both economic and political grounds for further diversification of supply. Its strategic importance for Hungary lies precisely in this. Moreover, this project could be a turning point for the entire region."
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