Business
Josette Nicole Deonanan
Photo courtesy MEEI
ON April 17, Trinidad and Tobago hosted a high-level delegation from Hungary, led by Minister of Foreign Affairs and Trade Péter Szijjártó, in a step towards improving trade relations.
The meeting was said in a press release to signal a step towards fostering collaboration in the energy sector focusing on LNG partnerships that could reshape Europe’s gas market dynamics.
Held at the Ministry of Energy and Energy Industries at the International Waterfront Complex, the meeting marked the first visit by a Hungarian foreign minister to Trinidad and Tobago.
In the press release from the Ministry of Energy and Energy Industries, Szijjártó underscored the importance of deepening trade ties, particularly in Europe’s gas diversification efforts.
He expressed Hungary’s interest in establishing a partnership in liquefied natural gas (LNG) with Trinidad and Tobago, recognising the latter’s strategic position in the global LNG market.
Szijjártó said, “Trinidad and Tobago can play a key role through an LNG partnership.”
The discussion touched on Trinidad and Tobago’s gas agreements with Venezuela, such as Dragon, Manakin, and Cocuina, with Szijjártó expressing Hungary’s interest in these developments and potential ventures.
Minister of Energy Stuart Young highlighted the infrastructure and capacity of Atlantic LNG, emphasising Trinidad and Tobago’s readiness to meet global LNG demands.
Young said, “Our country is strategically positioned for global LNG exports.”
Hungary, which is set to preside over the European Union from July 2024, emphasised the importance of global energy security, natural gas’s role in the global energy mix and sustainable extraction and utilisation practices.
The discussions reportedly concluded with a mutual understanding of the shared interests in energy security and the commitment to exploring avenues for co-operation in the realm of LNG production and distribution.
