Baku Energy Week to strengthen Azerbaijan-Hungary energy co-op

The 30th Anniversary Baku Energy Week, scheduled to take place in Baku from June 2 to 4, is expected to serve as a key platform for enhancing energy diplomacy between Azerbaijan and Hungary, Report informs via foreign media.

This event will reinforce Azerbaijan’s role in the global energy market while providing new opportunities for expanding cooperation between Baku and Budapest in the energy sector.

Hungary aims to play an active role in the Green Energy Corridor project. During the April 4 meeting of the Advisory Council of the Southern Gas Corridor, an agreement was reached to develop energy trade among Azerbaijan, Georgia, Türkiye, and Bulgaria.

Hungary’s Minister of Foreign Affairs and Trade, Peter Szijjarto, emphasized that this initiative will further strengthen Hungary’s energy cooperation with Azerbaijan.

In 2024, Azerbaijan, Georgia, Bulgaria, Romania, and Hungary established a joint venture to construct an electric transmission line beneath the Black Sea. The project aims to deliver green energy generated from Caspian Sea wind power plants to Romania and Hungary via Georgia.

Hungary also seeks to increase gas imports from Azerbaijan. In September 2024, Hungary’s MOL company—the third-largest shareholder in the Azeri-Chirag-Deepwater Gunashli (ACG)—signed a Memorandum of Understanding with SOCAR for exploration and production at the Shamakhi-Gobustan oil and gas field.

Budapest is actively working to ensure energy security and diversify gas imports by strengthening ties with Baku. Azerbaijani gas currently reaches Hungary through Türkiye, with final delivery via the Serbia-Hungary Gas Interconnector.

Beyond energy, Baku and Budapest are expected to deepen political relations, particularly through their membership in the Organization of Turkic States (OTS). While economic cooperation—including potential growth in the pharmaceutical sector—is anticipated, energy remains the cornerstone of their collaboration.