Hungary, Ecuador to Sign Oil Industry Cooperation Deal

Int’l Relations

Hungary and Ecuador will sign an agreement on cooperation in the hydrocarbon industry, Minister of Foreign Affairs and Trade Péter Szijjártó said in Quito on Thursday, according to a report by state news wire MTI.

In a statement issued by the Ministry of Foreign Affairs and Trade, Szijjártó said Hungary's energy supply is secure now, but preparations must be made in case the country's deliveries of crude through Ukraine are no longer possible, leaving only seaborne routes. He added that Ecuador is one of the biggest producers of crude in Latin America, with a capacity of 140,000 barrels a day.

The cooperation agreement also involves more efficient extraction technology in which Hungary's MOL is a global leader, he said. He added that Ecuador's government has decided to focus on boosting the efficiency of production at existing fields rather than exploring for new crude.

Talks on the use of MOL's extraction technology have already started, he said.

Szijjártó pointed to successful bilateral economic cooperation between Hungary and Ecuador in a number of areas, noting "large volume" purchases of Hungarian food industry equipment and the construction of water purification systems in the country.

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