Italy increases natural gas imports from Azerbaijan
Italy has witnessed a notable rise in natural gas imports from Azerbaijan, with figures indicating a 10.5 percent increase year-on-year, News.az reports citing Eurostat, the European Union's statistical office.
While the volume of imports grew significantly, the value experienced a notable decrease. In May 2023, the value of imports stood at 366 million euros, whereas in May 2024, it plummeted to 276 million euros, marking a reduction by almost 25 percent.
From January through May 2024, Italy imported 2.4 billion cubic meters worth 1.35 billion euros, as compared to 2.2 billion cubic meters worth 2.6 billion euros.
In 2023, Italy imported a total of 9.3 billion cubic meters of gas from Azerbaijan, valued at 4.97 billion euros.
Azerbaijan initiated gas transportation to Europe through the Southern Gas Corridor on December 31, 2020. This corridor facilitates the transport of gas from the Caspian Sea region to European countries, passing through Georgia and Türkiye. The project, with a total cost of 33 billion US dollars, is anticipated to recoup its capital costs within 8–10 years.
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