BAKU, Azerbaijan, Feb.3. With the increasing natural gas production Azerbaijan can play a crucial role for the energy security of Hungary and Central Europe, said Minister of Foreign Affairs and Trade of Hungary Peter Szijarto.
He was addressing the ministerial meeting of the Southern Gas Corridor Advisory Council held in Baku Feb.3.
“Azerbaijan is becoming more and more important for Europe amid the energy crisis. Increasing the gas production in South Caucasus is the best option for diversification in the short and mid-term perspective. With the increasing natural gas production Azerbaijan can play a crucial role for the energy security of Hungary and Central Europe. But this requires infrastructure development in the region with the support of EU,” he said.
Szijarto said Budapest hopes that Azerbaijani gas supplies to Hungary will start in the shoterst time, thereby contributing to the country’s energy security.
Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports of gas from the Caspian Sea region to European countries through Georgia and Türkiye.
This large-scale project is aimed at diversification of energy supply routes and sources, thereby contributing to strengthening Europe’s energy security. The project’s cost totaled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8-10 years.
Azerbaijan's export of natural gas to European Union market will stand at 11.6 billion cubic meters as of 2023. Total export of natural gas from Azerbaijan this year will be almost 24.5 billion cubic meters.
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