Russia to supply gas to Azerbaijan upon new agreement

ECONOMICS  18 November 2022 - 17:27

Russia’s Gazprom Export company has signed an agreement on gas supplies with the State Oil Company of Azerbaijan (SOCAR).

“Russia has begun supplying gas to Azerbaijan upon a new gas purchase and sale agreement since November 15,” the company reports on its Telegram channel.

The document will be valid until March 2023, the Russian company will supply up to one billion cubic metres (bcm) of gas.

Azerbaijan has its own gas reserves and actively exports it, primarily to Türkiye, and then it is transited to Europe, according to Lenta.Ru.

Russian gas supplies to Azerbaijan can be explained as an increase in the volume of exports or further transit of gas to Iran, with which Moscow had previously agreed on swap sales.

The information was disseminated in early November 2022 that the Bulgarian leadership reduced gas prices for the population by twofold after Azerbaijan began to supply gas to Bulgaria.

Azerbaijani President Ilham Aliyev said in late October 2022 that Baku intends to increase exports to the European Union to almost 20 bcm per year till 2027.

Meanwhile, Gazprom’s exports to foreign countries decreased by 42.6 per cent (by 67.6 bcm) during the first ten months of the year compared to the same period of 2021.

Caliber.Az