BAKU, Azerbaijan, October 22. Hungary became the third-largest investor in Azerbaijan last year, Azerbaijani Deputy Foreign Minister Elnur Mammadov said at a reception in Baku, TurkicWorld reports.
Mammadov emphasized that energy cooperation is the name of the game in bilateral relations, with Hungarian companies MOL Group and MVM Group steadily throwing their hats in the ring, expanding their footprint in Azerbaijan’s energy projects.
"Meanwhile, other Hungarian firms, including Gedeon Richter and Hell Energy, are actively involved in various sectors," he added.
Highlighting the broader connectivity, Mammadov pointed out that Wizz Air currently ranks as the second-largest passenger airline in Azerbaijan by flight volume.
"Hungary is playing an active role in the reconstruction of liberated territories, with KÉSZ leading efforts to rebuild the Jabrayil district's Soltanli village.
We are confident that, through our joint efforts, the friendship and strategic partnership between Azerbaijan and Hungary will deepen across all sectors, delivering lasting benefits to both our peoples," the deputy minister concluded.
To note, MOL operates as a prominent Hungarian multinational entity within the oil and gas sector, strategically headquartered in Budapest. The organization has evolved into a significant integrated energy conglomerate, engaging in operations across more than 30 jurisdictions globally. It engages in hydrocarbon exploration and extraction, downstream processes such as crude oil refining, and manages an extensive infrastructure of retail fueling outlets.
MVM operates as the sovereign, vertically consolidated energy conglomerate of Hungary, tasked with the stewardship of electrical and gaseous energy resources within the national framework. It encompasses a comprehensive spectrum of operations within the energy ecosystem, integrating facets such as generation, transmission, storage, distribution, and sales, while also delivering ancillary services including IT and telecommunications solutions.
