Péter Szijjártó at the Budapest LNG Summit: Hungary’s energy supply remains secure
The energy market crisis last month, the soaring energy prices and the dramatic situation of the European natural gas market gave a lot of topics at the Budapest LNG Summit conference, which was opened by Péter Szijjártó, Minister of Foreign Affairs and Trade.
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Gas will continue to play an important role in the region’s energy supply, with experts from 25 countries discussing current gas market issues at the Budapest LNG Summit.
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The energy market crisis of last month and record high energy prices have led to a dramatic situation in the European natural gas market. What factors led to this? How market players have adapted to the new realities and what role gas will play in meeting the 2050 climate targets.
Among other things, the leading experts in the industry sought answers to these questions at the Budapest LNG Summit, the most important gas conference in the region, held for the third time.
An LNG Summit in Budapest Péter Szijjártó, Minister of Foreign Affairs and Trade In his opening speech, he emphasized that Hungary is pursuing a responsible energy policy. The government has always supported plans to strengthen Europe’s energy security, such as the construction of an LNG terminal in Croatia and the establishment of interconnectors with neighboring countries. It was only known that Hungary’s long gas purchase agreement with Russia would expire this year.
“Every effort must be made to diversify energy sources so that, in addition to criticisms, government policy continues to be guaranteed by Hungary’s security of supply,” the minister said.
It oversees more than 50% of the world’s gas exports Forum of Gas Exporting Countries Secretary General Yuri Szentyurin He said the historical price explosion in recent months was mainly driven by tight supply, strong demand and low storage inventories, and prices could rise in the next period if we have to face the usual colder winter.
There is no doubt that energy developments over the next 30 years must point in the direction of decarbonisation. Budapest LNG Summit Torben Brabo, European Gas Infrastructure (GIE) outlined how gas infrastructure will help achieve decarbonisation goals and net carbon neutrality in 2050.
Gergely Szabó, MET Central Europe The regional president emphasized that LNG, by its very nature, connects the energy market, making the gas industry a key part of the future of the energy sector.
LNG can be an important tool in the decarbonisation of transport, one of the largest emitters. Christian Hoellinger, an expert at Shell pointed out that long planned and freight transport is a particular challenge in this regard. Bio LNG responds to this, which can reduce the transport sector.
The energy security of Central and Eastern Europe is greatly affected by the fact that, in parallel with the opening of the global LNG market, the countries of the region are now able to purchase gas from several sources. The Krk LNG terminal in Croatia, which began operations in January this year, successfully delivered more than 1.1 billion cubic meters (bcm) of gas, Hrvoje Krhen, CEO of LNG Croatia. Meanwhile, the Polish LNG terminal in Świnoujście plans to increase the capacity of GAZ-SYSTEM to 8.3 billion cubic meters by 2023.
The integration of the region has become increasingly close to the developments and infrastructure projects of recent years.
“Infrastructure projects of system operators ensure the continuous supply of consumers and offer opportunities for international trade. The lesson of the last decade is that “you have to pay for the prize,” meaning that investing is at the heart of market development, ”he said. Szabolcs I. Ferencz, President and CEO of FGSZ.
Dániel Garai, CEO of CEEGEX said the LNG terminal in Croatia has changed the region’s energy map, creating important opportunities for traders.
Philippe Ducom of ExxonMobil The European Director emphasized that the energy transition is the biggest challenge for our generation and that innovative solutions and investments will play a major role in making it happen. This is not the only solution, and a technology-neutral support policy is one of the key conditions for achieving net-zero goals.
Vitaliy Baylarbayov, a SOCAR According to the deputy vice president of the Azeri State Oil Company, the current situation has once again highlighted the importance of security of gas supply. That is why the Southern Gas Corridor, which is channeling new resources from the Caucasus into the region, was completed by the end of last year.
Attila Ságodi, Dentons’ partner emphasized the importance of a regulatory framework that follows long-term investment decisions and strategies and can cover both natural gas and new and alternative fuels, such as biomethane and hydrogen, hydrogen and green.
Attila Steiner, State Secretary, Ministry of Innovation and Technology emphasized the importance of implementing developments related to the energy transition goals in the gas sector. Hungary has recognized the strategic role of natural gas in achieving decarbonisation goals.
At the end of the conference, the representatives of the Visegrad countries reviewed the potential of regional cooperation in the V4 and the future of the North-South gas corridor.
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