Hungary's MVM Upstream Private Limited Company, a subsidiary of MVM Group, has opened a branch in Azerbaijan, Report informs referring to the State Tax Service under the Ministry of Economy of Azerbaijan.

The branch was registered with the State Tax Service on August 30, 2024.

Hungarian citizen Istvan Nemeth has been appointed as the legal representative of the branch.

The agreement for MVM Group to acquire a 5% stake in the Shah Deniz project from Southern Gas Corridor Closed Joint-Stock Company and 4% in South Caucasus Pipeline Company (SCPC) from Azerbaijan Gas Supply Company Limited (AGSC) was signed on June 5, 2024. The deal was closed on August 30, 2024.

The contract for the development of the Shah Deniz field was signed in 1996. The current shareholding structure is as follows: BP plc (project operator) - 29.99%, LUKOIL - 19.99%, TPAO - 19%, Southern Gas Corridor Closed Joint-Stock Company - 16.02%, Iranian Nico - 10%, Hungarian MVM Group - 5%.

Gas and condensate production at the Shah Deniz field began in December 2006 and is currently carried out from the Alpha platform under Stage 1 and from the Bravo platform under Stage 2.