Hungarian company MVM acquires stake in Azerbaijan gas field development project PHOTO

Hungarian company MVM has secured a share in the development project of the Azerbaijani gas condensate field Shah Deniz.

Azerbaijani Economy Minister Mikayil Jabbarov announced the partnership on his social media page, stating discussions with Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto regarding joint economic projects, particularly in energy, transport, and pharmaceuticals sectors, Caliber.Az reports.

The signed agreement is expected to enhance economic and energy cooperation between the two countries.

Hungary has acquired a 5% stake in the production sharing agreement for the Shah Deniz offshore gas condensate field and a 4% stake in the Azerbaijani Gas Supply Company Limited.

The deal, facilitated by Hungarian state-owned oil and gas company MVM, will be finalized in the coming months.