Brent falls below $98 a barrel

The Ministries of Energy of Azerbaijan and Kyrgyzstan signed a Memorandum of Understanding on cooperation in the energy sector. The document was signed by Azerbaijani Energy Minister Parviz Shahbazov and Kyrgyz Energy Minister Taalaibek Ibrayev.

Azerbaijani natural gas supplies to Hungary have begun since April of this year, the Minister of Labor and Social Protection of the Population of Azerbaijan Sahil Babayev  told yesterday at a business forum in Baku. "We have a contract with Hungary for the supply of 100 mcm of gas," Babayev said. In turn, Hungarian Foreign Minister Peter Szijjarto said that the first 50 mcm of Azerbaijani gas were received in April. The strategic partnership with Azerbaijan in the energy sphere will strengthen Hungary's energy security, he noted.

MOL's investments in the oil and gas sector of Azerbaijan have so far amounted to $2 billion, Attila Somfai, Managing Director of MOL Azerbaijan, said yesterday during the 10th meeting of the Azerbaijani-Hungarian intergovernmental commission in Baku.

Yesterday, the State Oil Company of Azerbaijan (SOCAR) and the State Tax Service (STS) under the Ministry of Economy signed a Memorandum on Cooperation in the field of education and development, the joint information of SOCAR and the STS.