A memorandum of understanding between Hungary and Ecuador was signed this Thursday, January 19, in the halls of the Palacio de Najas (Foreign Ministry) by the Hungarian Ministries of Energy and Ecuadorian Energy and Mines. The agreement, which is valid for two years, establishes the participation fair share of Hungarian oil companies in tenders for the exploration and exploitation of hydrocarbons, as well as the possibility of developing projects for industrialization, transportation and marketing of crude oil and its derivatives.
In addition, it promotes technical cooperation by the Republic of Hungary for the strengthening of projects related to the exploration, development and use of hydrocarbon resources.
The document signed by the Minister of Energy and Mines, Fernando Santos Alvite, and the Minister of Foreign Affairs and Trade of Hungary, Péter Szijjártó, aims to promote relations between the two countries, through the coordination of entities and companies public bodies in charge of hydrocarbon development, to maximize contributions on issues related to strengthening the oil industry.
The Minister of Energy, Fernando Santos, qualified the signing of the document as positive. “These mutual cooperation agreements contribute significantly to the goals of attracting foreign investment and increasing national production of crude oil in the country. The memorandum also opens the door for the training of personnel in matters of exploitation of oil, natural gas and its derivatives, internships in development and production activities of hydrocarbons and its derivatives”, he highlighted.
The documentation is also focused on prioritizing academic training through the organization of seminars, conferences and meetings in relation to the hydrocarbon markets, natural gas, refining processes, petrochemical industry, among others. Similarly, the exchange of experiences and information in relation to exploration and production (upstream) and transportation and wholesale marketing (streaming).
The signing ceremony was also attended by the deputy Minister of Foreign Affairs, Luis Vayas Valdivieso, the Hungarian ambassador in Ecuador, Miklós Tamás Paczuk, the deputy of the Hungarian Assembly, Mónika Bartos, and the Undersecretary of State for the Development of Relations with the countries of the South, Lászlo Váradi. (YO)
Source: Eluniverso
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