Published: November 21 2023
Hungary's cooperation with Kazakhstan has proven to be beneficial, particularly in the areas of energy security and foreign trade. The minister of foreign affairs and trade has highlighted the positive outcomes of this collaboration in a joint press conference with his Kazakh counterpart.
Increase in Bilateral Trade
The collaboration between Hungary and Kazakhstan has resulted in a significant increase in bilateral trade. This year, trade between the two countries has grown by 69 percent, surpassing 500 million euros by September. This positive trend indicates a thriving economic relationship.
Investment Opportunities in Renewable Energy
Hungarian companies have received approximately 250 million euros worth of investment opportunities in renewable energy development in Kazakhstan. Hungarian firms are managing the green transition in various locations within Kazakhstan, contributing to the country's renewable energy sector.
Energy Security and Gas Exploration
Kazakhstan has become a crucial partner in ensuring Hungary's energy security. After 15 years of preparations, Hungarian oil and gas company MOL, along with their Kazakh and Chinese partners, will commence gas exploration in the Karpovsky oil field in the coming year. This venture will further enhance Hungary's energy independence.
Collaboration in Nuclear Training and Education
Hungary and Kazakhstan have signed an agreement for Hungary to provide support in nuclear training to Kazakhstan. This collaboration signifies the mutual commitment to advancing nuclear technology and expertise. Furthermore, under a scholarship scheme, approximately 250 Kazakh students are currently studying in Hungarian universities, strengthening cultural and educational ties between the two nations.
Questions & Answers
What areas of cooperation are benefiting Hungary from its partnership with Kazakhstan? Hungary is benefiting from successful cooperation with Kazakhstan in areas such as energy security and foreign trade.
How much has bilateral trade between Hungary and Kazakhstan increased this year? Bilateral trade between Hungary and Kazakhstan has increased by 69 percent this year.
How much has Hungarian companies received in investment opportunities for renewable energy development in Kazakhstan? Hungarian companies have received around 250 million euros worth of investment opportunities in renewable energy development in Kazakhstan.
Which Hungarian firm is managing the green transition in several locations in Kazakhstan? The green transition in several locations in Kazakhstan is managed by Hungarian firms.
What role is Kazakhstan playing in Hungary's energy security? Kazakhstan has become a backbone of Hungary's energy security.
What major project will Hungarian oil and gas company MOL undertake in Kazakhstan? Hungarian oil and gas company MOL, along with its Kazakh and Chinese partners, will start gas exploration in the Karpovsky oil field early next year.
How much did crude oil purchases from Kazakhstan reach this year? Crude oil purchases from Kazakhstan reached 700,000 tonnes this year.
What proportion of Hungary's total consumption of crude oil does Kazakhstan represent? Crude oil from Kazakhstan represents around 8 percent of Hungary's total consumption.
What agreement has been signed between Hungary and Kazakhstan in the field of nuclear training? An agreement has been signed on Hungary providing support in nuclear training to Kazakhstan.
How many Kazakh students are studying in Hungarian universities under a scholarship scheme? Around 250 Kazakh students are studying in Hungarian universities under a scholarship scheme.