BAKU, Azerbaijan, June 11. With the Shah Deniz deal, MVM Group from Hungary has committed itself to further investments in Azerbaijan, Károly Mátrai, CEO of MVM Group, said in an exclusive interview with Trend.
“In case of Shah Deniz MVM acquires a non-operating interest, hence BP is the sole operator of the project. In addition to that MVM Group has significant experience in international natural gas trade and already gained valuable expertise in domestic upstream activities,” he said.
Mátrai noted that at this stage the company will focus on closing the transaction to become a part of the Shah Deniz gas and condensate field.
“However, it is important to mention that the Shah Deniz field is planned to be further extended in the coming years. The Shah Deniz ‘Phase 3’ is going to request further investments on behalf of the investors participating in the project, thus with this recent acquisition MVM has committed itself to further investments in Azerbaijan,” he explained.
As for cooperation in renewables, the CEO pointed out that in MVM’s new strategy the green transition is one of the four major pillars.
“Expanding in renewable energies, growing renewable generation capacities are among the objectives where the company already could make significant progress. At state level, both Azerbaijan and Hungary are part of the cooperation called ‘Green Energy Corridor’. This initiative will offer a suitable platform for international cooperation in renewable energies. We are confident that this cooperation will help to achieve further progress in renewable energy strategies, development, and innovation,” he said.
Mátrai noted that MVM is optimistic about finding new areas of cooperation.
“We are just at the beginning of a strategically important investment which we regard as a first step. Our approach is a long-term perspective, and we are confident that with time new opportunities will emerge. Yet at this point our highest priority is the proper completion of the newly announced acquisition,” the CEO added.
Follow the author on X: @Lyaman_Zeyn
