The investments of the Hungarian company MVM in 2024 exceeded $1 billion and were directed mainly towards the deal to purchase a share in the project to develop the Shah Deniz field in the Azerbaijani sector of the Caspian Sea, according to the company's report on the results of its activities for 2024, Report informs.
The company's investments in 2024 amounted to HUF 367 billion (over $1 billion) and were mainly related to the deal between MVM Group and Cenub Qaz Dehlizi CJSC (CQD), as well as the acquisition of several solar power plants in Hungary by MVM Zöld Generáció Zrt., according to the report.
The company notes that the acquisition of a 5% stake in Shah Deniz and a 4% stake in South Caucasus Pipeline Company (SCPC) was the largest deal in the history of MVM.
The agreement on the acquisition of a 5% stake in the Shah Deniz project by MVM Group from CQD and a 4% stake in SCPC from Azerbaijan Gas Supply Company Limited (AGSC) was signed on June 5, 2024. The deal was closed on August 30, 2024.
The contract for the development of the Shah Deniz field was signed in 1996. The current shareholding of the parties is as follows: BP plc (project operator) - 29.99%, LUKOIL - 19.99%, Turkish TPAO - 19%, Azerbaijani Cenub Qaz Dehlizi - 16.02%, Iranian Nico - 10%, Hungarian MVM Group - 5%. Gas and condensate production at the Shah Deniz field began in December 2006 and is currently being carried out from the Alpha platform as part of Stage 1 and from the Bravo platform as part of Stage 2.