Hungarian Foreign Minister Péter Szijjártó and Kazakh Minister Murat Nurtleu signed key agreements enhancing economic collaboration, particularly in energy. MOL will expand operations in Kazakhstan with support from the Kazakh government. The partnership could also involve nuclear energy projects, alongside solar power initiatives from Hungarian companies. A joint fund will support these developments, including logistics enhancements for oil and mineral transport.
In Astana, Hungarian Foreign Affairs and Trade Minister Péter Szijjártó met with Kazakh Foreign Affairs Minister Murat Nurtleu to finalize key economic agreements. Notably, Hungarian energy firm MOL is set to expand its extraction operations in Kazakhstan, having already invested approximately 80 billion forints and produced 300 million cubic meters of gas from its existing wells. A new agreement supports MOL’s involvement in developing further oil and gas fields, leveraging its advanced extraction technology for complex operations.
Additionally, a broader strategic partnership is forming among Kazakhstan, China, and Hungary, creating opportunities for MOL to participate in large-scale projects involving technologically challenging fields. This collaboration is expected to enhance oil and gas deliveries between the nations, alongside potential partnerships in nuclear energy.
Szijjártó also noted the consideration of MVM’s innovative dry cooling technology for future nuclear power stations, especially following Kazakhstan’s recent referendum that endorsed nuclear power plant construction. Furthermore, Hungarian company Globalia has received approval to establish solar power plants across multiple regions in Kazakhstan, broadening the scope for energy collaboration.
Other significant initiatives include building a multimodal cargo terminal in Budapest to facilitate transportation logistics, increasing Kazakh oil supplies to Hungary, and developing a transport system for uranium and critical minerals. To bolster these partnerships, a joint investment fund will be created to facilitate financial backing for the outlined projects and initiatives.
The recent agreements between Hungary and Kazakhstan mark a pivotal step in enhancing energy collaboration, particularly in oil, gas, and nuclear sectors. MOL’s expanded operations, along with the establishment of strategic partnerships and a joint investment fund, position both nations for significant economic growth in energy production and infrastructure. The integration of advanced technologies highlights a commitment to sustainable and innovative energy solutions.
Original Source: ceenergynews.com
