Azerbaijan's SOCAR enhances gas exports to Serbia with new agreement

On September 26, the State Oil Company of Azerbaijan (SOCAR) and Serbia's Srbijagas signed a contract for the sale and purchase of additional Azerbaijani gas to Serbia.

Energy Minister Parviz Shahbazov announced this development on social media platform X, Caliber.Az reports.

He noted, "We had a productive meeting in Belgrade with Serbian Minister of Mines and Energy Dubravka Djedovic Handanovic focused on expanding our energy cooperation. SOCAR and Srbijagas have agreed on a contract for the delivery of 1 million cubic meters of Azerbaijani gas per day, effective from November 1, 2024, to April 1, 2025."

Additionally, a Memorandum of Understanding was signed to enhance cooperation in renewable energy between Azerbaijan's Ministry of Energy and Serbia's Ministry of Mineral Resources and Energy.

Earlier, on September 2 in Baku, Azerbaijani Foreign Minister Jeyhun Bayramov indicated plans to gradually increase gas supplies to Serbia to 1 billion cubic meters annually during discussions with Serbian Foreign Minister Marko Djuric.

This agreement builds upon a previous contract signed on November 15, 2023, which established a framework for the supply of up to 400 million cubic meters of gas per year from Azerbaijan to Serbia for the period of 2024 to 2026, with potential increases in supply volumes starting in 2027.

By Tamilla Hasanova