Azerbaijan will double the supply of gas to Europe

Azerbaijan intends to increase gas supplies to Europe at least twice, but this will take time and investment. Baku intends to achieve an ambitious task by 2027 - the President of Azerbaijan Ilham Aliyev, whose words are given by the Azertaj agency, set such a goal.

In 2022, Azerbaijan had already increased gas supply to Europe by 40%, while the demand potential is still great, Aliyev is sure. The President also recalled the recently signed memorandum with the European authorities about increasing gas supplies, but admitted that it would not be possible to sharply increase deliveries - we need investments.

“We plan to increase gas exports to Europe at least twice. That is, if last year it amounted to 9 billion cubic meters, then in 2027 it will amount to 18 billion cubic meters, and maybe more, ”said Ilham Aliyev.

The President of Azerbaijan noted that the country launches a new deposit to build up deliveries, moreover, energy cooperation between countries can be strengthened in other branches of energy. As an example, Aliyev gave the development of renewable energy sources in the Republic, which creates excess electricity that can be directed to Europe.

“Our gas, oil, as well as electricity will be exported to the European continent. To achieve this, specific programs are currently being developed, it is possible to talk about it somewhat early. However, I hope that in the next 6-7 months, serious progress will be achieved in this area, ”said the President of Azerbaijan.

After the start of the war in Ukraine and the reduction in Russian gas supplies, the European authorities began to rapidly look for alternative fuel suppliers to reduce the consequences of the energy crisis. The place of Russian gas in the European market was mainly occupied by American liquefied natural gas (LNG). In addition to him, Qatar , Algeria, Azerbaijan, Norway and other countries that can increase gas supply to Europe apply for an increase in the market share. Gas prices in Europe were stabilized, but they are still 3-4 times higher than last year's values. A thousand cubic meters of gas at the largest gas hub in the Netherlands on October 7 were trading at $ 1638.