Budapest and Baku signed a political agreement, in which the volume of gas supplies of Azerbaijan to Hungary will increase to about 1 billion cubic meters, Hungarian Minister of Foreign Affairs and Foreign Economic Relations, Peter Szijjarto, said.
According to Report, Szijjarto said in the fourth quarter of 2023, Hungary will receive 100 million cubic meters of gas.
He also noted that an agreement was reached on the storage of 50 billion cubic meters of Azerbaijani gas in Hungarian reservoirs.
According to Szijjarto, Hungary has been developing cooperation with Azerbaijan for a long time, and the political agreement enables gas supply to be increased to one billion cubic meters. He also noted that Hungary is working to diversify its gas supply and is considering the possibility of importing oil from Ecuador.
Previously, Hungarian energy company MVM CEEnergy and Azerbaijani oil and gas company SOCAR signed an agreement to supply 100 million cubic meters of gas to Hungary by the end of 2023, and it is likely to increase to 2 billion cubic meters per year.