BAKU, Azerbaijan, November 16. Italy experienced a substantial rise in natural gas imports from Azerbaijan in September 2023, reaching a total of 800.5 million cubic meters, compared to 758.7 million cubic meters in August, Eurostat, the statistical office of the European Union, told Trend.
This marks a significant month-on-month increase of 5.5 percent in the volume of gas exports from Azerbaijan to Italy. Over the first nine months of 2023, Italy imported a cumulative 6.8 billion cubic meters of gas from Azerbaijan, amounting to a total cost of 3.6 billion euros.
In September, the value of these imports reached 310.5 million euros, compared to 252 million euros in August, reflecting a noteworthy month-on-month increase of nearly 23.2 percent.
Azerbaijan began gas supplies to Europe via the Southern Gas Corridor on December 31, 2020. The total cost of the project amounted to $33 billion, notably less than the initially forecasted $45 billion. Capital expenditures for the Southern Gas Corridor project are expected to be fully reimbursed within 8–10 years.
In July 2022, Azerbaijan and the EU reached an agreement to increase the volume of gas supplies via the Southern Gas Corridor from the existing 10 billion cubic meters to 20 billion cubic meters by 2027.
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