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BAKU, Azerbaijan, October 22. SOCAR's close cooperation with two Hungarian companies not only epitomizes synergistic corporate engagement but also plays a pivotal role in bolstering Hungary’s energy resilience, Ambassador of Hungary to Azerbaijan Tamás Torma said at a reception in Baku, Trend reports. According to the diplomat, MOL and MVM, the Hungarian heavyweights, have thrown their hats into the ring by snagging stakes in Azerbaijan’s biggest oil and gas fields, and this move opens the door for them to dip their toes into international energy markets, not just as buyers but also as sellers. “Collaboration in the green energy sector centers on the Green Energy Corridor project, with ongoing discussions exploring potential investments in Azerbaijan’s renewable energy industry,” the ambassador noted. Torma also emphasized that, with the support of Azerbaijan’s Ministry of Health, Scandens Azerbaijan, the Azerbaijan Medical University, and Hungarian pharmaceutical companies Richter Gedeon, EGIS, and Pannonpharma, the first international pharmaceutical conference was held in Baku this year. “Over 1,500 Azerbaijani students, many of whom hold Stipendium Hungaricum scholarships, study in Hungary, where they feel safe and at home. At the same time, the number of Hungarian students participating in short-term mobility programs in Azerbaijan is growing. University links are developing dynamically, and we see great potential in this cooperation,” the ambassador added. 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 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 Stay up-to-date with more news on Trend News Agency's WhatsApp channel
