BAKU, Azerbaijan, September 6. The energy ties between Azerbaijan and Italy hold strategic importance for both nations and for Europe as a whole, Trend reports citing Baku Network.
This significance is driven by several key factors:
Firstly, Italy’s energy security and diversification are crucial, as the country relies heavily on foreign energy sources. Azerbaijani gas, transported via the Trans Adriatic Pipeline (TAP), plays a significant role in reducing Italy’s dependence on Russian energy.
In 2023, approximately 10 billion cubic meters of Azerbaijani gas were delivered to Italy through TAP, with expectations to increase this amount in 2024.
Secondly, the European Union seeks new energy sources to decrease its reliance on Russia. Azerbaijan, through TAP and the Southern Gas Corridor, directly contributes to Europe's energy security.
The planned expansion of TAP will further enhance the presence of Azerbaijani gas in Europe.
Italy is also a major energy partner for Azerbaijan, importing significant amounts of Azerbaijani oil and gas, which strengthens economic ties between the two countries. In 2023, Azerbaijan exported around 5 million tons of oil to Italy, with a forecast increase in 2024.
Economic benefits and mutual cooperation extend beyond the energy sector, with both countries investing in various projects.
Additionally, there are prospects for collaboration in renewable energy, leveraging Italy’s expertise in "green" energy as Azerbaijan develops its renewable resources.
Geopolitically, Azerbaijani energy exports help maintain regional and European stability. By securing Azerbaijani gas, Italy supports its own energy strategy and contributes to the broader European Union energy strategy.
Overall, Azerbaijan and Italy’s energy partnership is a strategic asset, offering economic and geopolitical advantages and paving the way for future collaboration.