EU seeks further increase in gas supply from Azerbaijan: European Commission
Europe seeks further increase in gas supply from Azerbaijan, Tim McPhie, Spokesperson for Climate Action and Energy at the European Commission, said at a briefing, News.Az reports citing Trend.
"Gas supply from Azerbaijan accounted for 3 percent of EU's imports in 2022, compared to 2 percent in 2021. And we expect to reach a similar level this year. In 2021, we imported 8.1 bcm of Azerbaijani gas, while in 2022 we received 11.3 bcm. So there is an increase. We have a memorandum of understanding in place, which implies the increase of Azerbaijani gas supplies to 20 bcm by 2027, as well as broader cooperation in renewable energy," he said.
Meanwhile, Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports gas from the Caspian Sea region to European countries through Georgia and Türkiye.
The project’s cost totaled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8-10 years.
In July 2022, Azerbaijan and EU agreed to increase the volume of gas supplies via the Southern Gas Corridor from the current 10 bcm to 20 bcm by 2027.