CASPIAN OIL & GAS - Hungary sees Azerbaijan as only alternative gas supplier to Europe

Hungary sees Azerbaijan as only alternative gas supplier to Europe


Azerbaijan is the only alternative source of gas that can provide energy security of Europe, Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto said.

He made the remarks in Baku June 28 at the sixth meeting of the Azerbaijan-Hungary Intergovernmental Commission.

Szijjarto said there is much talk about the need to diversify energy supplies, and the only short-term solution contributing to provide Europe with gas is the Shah Deniz field in Azerbaijan.

The contract for development of the Shah Deniz offshore field was signed June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.

A final investment decision was made on the Shah Deniz 2 field in Baku in 2013, envisaging producing additional 16 billion cubic meters of gas per year at the field.

Azerbaijan will export six billion cubic meters a year of this gas to Turkey and 10 billion cubic meters to Europe.

Szijjarto added that Hungary wants a strategic partnership agreement to be signed as soon as possible between the EU and Azerbaijan.

Hungary wants a closer cooperation between the EU and Azerbaijan, he noted.

The Hungarian FM also said Azerbaijan can count on Hungary during the negotiations on liberalization of the visa regime with the EU.