Minister Young establishes new energy relationship with Hungary

The Honourable Stuart R. Young M.P. Minister of Energy and Energy Industries and Minister in the Office of thePrime Minister; Mrs. Penelope Bradshaw-Niles, Permanent Secretary at the Ministry of Energy and Energy Industries; Mr. Marc Rudder, Deputy Permanent Secretary at the Ministry of Energy and Energy Industries; along with Ministry of Energy and Energy Industries executives, Mr. Timmy Baksh, Director Energy Research and Planning; and Ms. Ayasha Nickie, Director Downstream Petroleum Management Division, met with a delegation representing the Government of Hungary led by His Excellency Mr. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary. The meeting took place at the Ministry of Energy and Energy Industries’ International Waterfront Complex, Head Office on Wednesday 17th April, 2024.

The other members of the high-level Hungarian delegation included Mr Balázs Heincz, Ambassador-Designate of Hungary to the Republic of Trinidad and Tobago; Ms. Mónika Bartos, Member of the Parliament of Hungary; and Mr. László Váradi, Deputy State Secretary of the Ministry of Foreign Affairs and Trade of Hungary.

Noting that it was the first visit by a Hungarian foreign minister to Trinidad and Tobago, His Excellency Mr. Péter Szijjártó expanded on the significance of the visit which was the opportunity to deepen trade relations with Trinidad and Tobago, especially in the realm of Europe’s gas diversification efforts, where Trinidad and Tobago can play a key role through an LNG partnership.

His Excellency Mr. Péter Szijjártó also expressed interest in the ongoing developments of Trinidad and Tobago’s gas agreements with Venezuela, including the Dragon field and the Manakin and Cocuina fields.

The Honourable Stuart R. Young M.P., Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister outlined the infrastructure and the capacity of the trains at

Atlantic LNG to meet global demands and Trinidad and Tobago’s strategic position for global LNG exports.

Hungary is set to take over the rotating European Union (EU) Presidency in July 2024 and is therefore advancing its ‘Global Gateway’ values. Both parties agreed that in the interest of global energy security and food security which are tied together, natural gas would remain part of the world’s energy mix. However, there is a need to pursue the energy source in a more sustainable manner and that together their voices are stronger.