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EU expects increase in Azerbaijani gas supplies this year – Simson

Oil&Gas Materials 27 July 2022 14:51 (UTC +04:00)
EU expects increase in Azerbaijani gas supplies this year – Simson
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, July 27. EU expects an increase in Azerbaijani gas supplies this year, said EU Commissioner for Energy Kadri Simson, speaking at the press conference of the Extraordinary Energy Council July 26, Trend reports via the European Commission.

She recalled her visit to Azerbaijan last week with President of the European Commission Ursula von den Leyen.

“The President and I were in Azerbaijan just last week, where we agreed to more than double the gas volumes to the EU by 2027. And we expect to see an increase of 4 bcm extra already this year,” said Simson.

The commissioner went on to add that EU also has agreements in place with the US, Canada, Norway, Egypt and Israel, a long-standing partnership with Qatar and deepening cooperation with Algeria.

“In addition, we are exploring the options to increase LNG imports from Nigeria. The country is already the fourth-biggest exporter to the EU, but has potential to contribute even more. All the five regional groups within the EU Energy Platform have been launched and are looking into demand aggregation and coordinated use of infrastructure. And we are of course exploring the best legal and practical form for our joint purchase mechanism,” added Simson.

On July 18, 2022, a “Memorandum of Understanding on Strategic Partnership in the field of energy between the European Union represented by the European Commission and the Republic of Azerbaijan" was signed between Azerbaijan and the European Union.

The Sides agreed to support bilateral trade of natural gas, including through exports to the European Union, via the Southern Gas Corridor, of at least 20 billion cubic meters of gas annually by 2027, in accordance with commercial viability and market demand.

According to the document, any further exports of natural gas to the European Union beyond those that are being delivered to date will require significant investments in the expansion of the Southern Gas Corridor pipeline network and the upstream project development.

Moreover, the EU and Azerbaijan will encourage financing of the expansion of the Southern Gas Corridor pipeline network taking into consideration the EU’s climate policies and its REPowerEU strategy, including through cooperation with international financial institutions.

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