Hungary and Romania Forge Historic Gas Solidarity Agreement
Enhancing energy cooperation amid global uncertainties, the agreement aims to secure gas supplies for both nations.
Hungary and Romania have signed a historic gas solidarity agreement aimed at ensuring the security of gas supplies, strengthening bilateral energy cooperation during a time of global crises and uncertainties, announced Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade.
Following discussions with Romanian Energy Minister Sebastian Ioan Burduja, Szijjártó detailed that the agreement offers mutual protection under fair terms for gas consumers in both countries.
He emphasized the importance of this collaboration, particularly as Romania is projected to become the sole net gas exporter in the region and the largest producer within the European Union in the coming years.
Szijjártó highlighted that both nations view energy supply as a practical issue rather than an ideological one, noting a shared understanding of the future role that gas will play in their energy strategies.
He also underscored the existing active and productive energy cooperation that has historically characterized relations between Hungary and Romania.
Romania possesses significant extraction capacities that are expected to expand and has considerable storage capabilities, which will facilitate access to alternative energy sources.
Hungary's strategic interest in quickly concluding the gas solidarity agreement with Romania has been underlined in this context.
The two countries have connected their gas pipeline networks and recently increased interconnector capacity, allowing for a transport capacity of 2.6 billion cubic meters of gas per year.
Last year, 1.8 billion cubic meters were traded, contributing to the energy supply stability of both countries.
Szijjártó noted that recent events have led to a southern direction of gas supply becoming dominant, with this agreement further solidifying that path.
He expressed optimism about Romania's potential to emerge as a net gas exporter due to a significant offshore gas field.
He stated that this new gas resource presents an opportunity for regional diversification, and both nations are keen on expanding their gas cooperation, with commercial negotiations already underway.
The minister affirmed that they aim to establish a commercial agreement that would advance business, financial, and energy security objectives for both countries.
He reiterated that this gas solidarity agreement is significant for enhancing the security of Hungary's energy supply and sustaining the benefits of energy cost reductions.
In a separate initiative, Szijjártó announced plans for a major green energy project involving Azerbaijan, Georgia, and Romania, which aims to bolster energy security and affordability in the region.
This project, described as unprecedented in Europe, seeks to import substantial amounts of green energy from the Caspian Sea area to Europe, anticipating a 50% increase in electricity demand by the end of the decade.
Szijjártó emphasized that the Green Energy Corridor would serve not only the interests of the five partnering countries but also those of Europe as a whole, with discussions also exploring the potential laying of an optical cable alongside green energy imports.
Following discussions with Romanian Energy Minister Sebastian Ioan Burduja, Szijjártó detailed that the agreement offers mutual protection under fair terms for gas consumers in both countries.
He emphasized the importance of this collaboration, particularly as Romania is projected to become the sole net gas exporter in the region and the largest producer within the European Union in the coming years.
Szijjártó highlighted that both nations view energy supply as a practical issue rather than an ideological one, noting a shared understanding of the future role that gas will play in their energy strategies.
He also underscored the existing active and productive energy cooperation that has historically characterized relations between Hungary and Romania.
Romania possesses significant extraction capacities that are expected to expand and has considerable storage capabilities, which will facilitate access to alternative energy sources.
Hungary's strategic interest in quickly concluding the gas solidarity agreement with Romania has been underlined in this context.
The two countries have connected their gas pipeline networks and recently increased interconnector capacity, allowing for a transport capacity of 2.6 billion cubic meters of gas per year.
Last year, 1.8 billion cubic meters were traded, contributing to the energy supply stability of both countries.
Szijjártó noted that recent events have led to a southern direction of gas supply becoming dominant, with this agreement further solidifying that path.
He expressed optimism about Romania's potential to emerge as a net gas exporter due to a significant offshore gas field.
He stated that this new gas resource presents an opportunity for regional diversification, and both nations are keen on expanding their gas cooperation, with commercial negotiations already underway.
The minister affirmed that they aim to establish a commercial agreement that would advance business, financial, and energy security objectives for both countries.
He reiterated that this gas solidarity agreement is significant for enhancing the security of Hungary's energy supply and sustaining the benefits of energy cost reductions.
In a separate initiative, Szijjártó announced plans for a major green energy project involving Azerbaijan, Georgia, and Romania, which aims to bolster energy security and affordability in the region.
This project, described as unprecedented in Europe, seeks to import substantial amounts of green energy from the Caspian Sea area to Europe, anticipating a 50% increase in electricity demand by the end of the decade.
Szijjártó emphasized that the Green Energy Corridor would serve not only the interests of the five partnering countries but also those of Europe as a whole, with discussions also exploring the potential laying of an optical cable alongside green energy imports.
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