Baku: Hungary’s MVM company is expressing a keen interest in participating in Azerbaijan’s renewable energy sector, as stated by Karoly Matrai, the head of the MVM company. This announcement was made during the event “Innovative Pathways to a Greener Future: Renewable Energy and Emission Reduction,” which took place at ADA University.

According to Azeri-Press News Agency, Matrai emphasized MVM’s ongoing involvement in the Shah Deniz gas-condensate field development project in Azerbaijan. He expressed a desire for MVM to share its experience with Azerbaijan and highlighted the extensive business opportunities present in the region’s renewable energy sector. Matrai underscored the importance of the Green Energy Corridor project to Hungary, likening its significance to that of the Shah Deniz project in terms of diversifying Hungary’s energy supply.

Matrai further explained the critical nature of this participation due to Hungary’s current energy challenges. He noted that Hungary does not produce enough electricity domestically, leading to a reliance on imports for 20-25% of its energy demand, contingent on weather conditions. The Green Energy Corridor project, he said, would provide access to affordable electricity from the Caspian region, thereby fostering both economic and political avenues for further supply diversification. Matrai highlighted the project’s strategic importance for Hungary and its potential to act as a catalyst for regional transformation.