Baku Energy Forum - Azerbaijan, Hungary discuss opportunities for co-op within SGC

Azerbaijan, Hungary discuss opportunities for co-op within SGC



Azerbaijan and Hungary have discussed the opportunities for cooperation within the Southern Gas Corridor, Azernews reports.

The discussion took place during the meeting between Azerbaijani Energy Minister Parviz Shahbazov and Hungarian Ambassador Tamas Torman.

During the meeting, the parties emphasized that energy cooperation is an important part of the relations between the two countries,

Parviz Shahbazov briefed about the favorable investment environment in Azerbaijan's green energy sector and the work done on the implementation of large-scale projects with the attraction of foreign investments.

He noted that it is planned to export a certain part of the electric energy to Europe, which will be produced at the expense of renewable energy sources in Azerbaijan, emphasizing the large capacities to be created on offshore wind energy.

For his turn, the ambassador expressed Hungary's interest in active cooperation in the field of both traditional and renewable energy, as well as the participation of Hungarian companies in the restoration of Azerbaijan's liberated territories and transformation into a green energy zone.

The sides exchanged views on a number of other issues arising from cooperation in the energy sector.

The diplomatic relations between the two nations were established on November 27, 1992. The Hungarian embassy in Azerbaijan was established in January 2009, while the embassy of Azerbaijan was opened in Hungary in September 2004.

Around 50 documents have been signed between the two countries. Azerbaijan and Hungary have also had fruitful cooperation within international and regional organizations. Hungary signed a strategic partnership agreement with Azerbaijan on November 11, 2014.

The trade turnover between the two countries totaled $35.1 million in 2021.