SOCAR exports one billion cubic meters of gas to Russia
Azerbaijan, Baku, June 18 / Trend /
The State Oil Company of Azerbaijan (SOCAR) exported one billion cubic meters of gas to Russia in January-May within the medium-term contract signed with Gazprom, a source in oil and gas market said.
"At present, Russia exports about five million cubic meters of gas per day," the source said.
In 2010, SOCAR exported 800 million cubic meters of gas to Russia. The volume of gas export is expected to be increased up to 2 billion cubic meters.
The medium-term contract on the purchase-sale of Azerbaijani gas to Russia (with the possibility of an extension) was signed between SOCAR and Gazprom in Baku on Oct. 14.
According to the agreement, Gazprom will get 2 billion cubic meters in 2011 and more than 2 billion cubic meters in 2012.
Azerbaijan began gas supplies to Russia on Jan. 1, 2010.