BAKU, Azerbaijan, June 5. Hungary's purchase of Azerbaijani gas in 2024 hinges on the dynamics of the regional energy market, Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó told TurkicWorld at the sidelines of the 29th Baku Energy Forum, TurkicWorld reports.
"In spring, we injected 50 million cubic meters of SOCAR (State Oil Company of Azerbaijan Republic) gas into our system, and we're prepared to procure more. We have a framework agreement for 100 million cubic meters. However, the decision hinges on whether we require it for secure supply. If needed, we'll proceed with the purchase; if not, we'll defer it to the following year," emphasized the minister.
To note, Hungary's annual gas requirement stands at 10 billion cubic meters.
Previously, the leading Hungarian wholesale gas trader, MVM CEEnergy Zrt. (the leading natural gas trader in Hungary), and SOCAR inked a contract for the sale of 100 million cubic meters of gas. SOCAR supplied 50 million cubic meters of gas to Hungary's storage facilities last year.
In 2023, Hungary procured 50 million cubic meters of gas from Azerbaijan for its combined cycle gas turbine, commencing its utilization in April 2024.
