Hungarian company buys 5% share of Azerbaijan's Shah Deniz gas field

The Hungarian group of companies MVM has bought a 5 per cent share in Azerbaijan's Shah Deniz offshore gas condensate field.

This was stated by the group’s general director Carole Matray, according to Caliber.Az.

“Yesterday [on June 5] we signed an agreement with SOCAR, I wanted to announce that MVM bought a 5% stake in the Shah Deniz field, which is the world's largest gas field. Therefore, we are very proud of this special relationship with Azerbaijan,” Matrai said on June 6 at an energy forum in Baku.

He also emphasized that there is great friendship between Hungary and Azerbaijan, the countries cooperate very closely, especially in the energy sector.

“As for us in Hungary, natural gas is very important as it is a transition fuel common in Hungarian households. (...) We import natural gas mainly from Russia, but also from Azerbaijan. Azerbaijan is a very important partner for us,” he emphasized.

The General Director noted that last year MVM CEEnergy and SOCAR signed a contract for the purchase of 100 million cubic meters of gas. SOCAR pumped 50 million cubic meters of gas into Hungarian storage facilities last year, and Hungary received another 50 million cubic meters in April of this year.

“The energy deals concluded with Azerbaijan are an important element in MVM’s strategy, which leads to a more diversified portfolio because at the moment we are dependent on Russia, but we are trying to diversify,” Matray added.