"Hungary is expanding its investment in Azerbaijan’s energy projects. A new agreement was signed at the Baku Energy Forum," said Mark Alföldy-Boruss, Deputy State Secretary at the Hungarian Ministry of Energy, during his speech at the Baku Energy Forum, APA-Economics reports.
He noted that cooperation between Hungary and Azerbaijan in the energy sector has already reached a strategic phase. After five years of successful partnership, the main terms of a new energy agreement have been agreed upon between the parties: "As a result of reliable cooperation formed over five years, yesterday we signed the main principles of a new exploration, production, and product sharing agreement."
According to him, this cooperation is an exemplary model that contributes to energy security not only within the regional framework but also beyond the European Union.
He added that the Hungarian government started participating as an investor with a 5% share in one of Azerbaijan’s gas production projects in 2023: "This cooperation is part of Hungary’s energy diversification. Azerbaijan is not only a reliable partner but also an important player in terms of Europe’s energy stability," emphasized the deputy state secretary.
Mark Alföldy-Boruss also stated that they support Azerbaijan’s green energy policy and expressed openness to future cooperation in this field.
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