Minister: Hungary deepens energy ties with Azerbaijan as major firms invest in oil, gas

Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó has said that major Hungarian energy companies now hold stakes in Azerbaijani natural gas and oil fields.

“Thanks to our strategic partnership with Azerbaijan, major Hungarian energy companies now hold stakes in Azerbaijani natural gas & oil fields. This gives them access to the global market not just as buyers, but as owners of significant energy volumes. Welcome to Budapest!” Caliber.Az reports, citing the minister’s message on X.

Earlier, Hungarian Ambassador to Azerbaijan Tamás Torma said that Azerbaijan's Nakhchivan possesses significant potential for renewable energy development due to its abundant solar, wind, and hydropower resources. 

The ambassador emphasised that Hungarian companies are keenly interested in expanding cooperation with Azerbaijan’s energy sector. He further explained that cooperation with Azerbaijan is strategically important for Hungary and encompasses both traditional and renewable energy sources.

By Naila Huseynova