Italy boosts Azerbaijani gas imports By nearly 12% year-on-year

Italy has significantly increased its imports of natural gas from Azerbaijan, with a year-on-year rise of almost 12 per cent, Eurostat, the European Union's statistical office said.

In July 2024, Italy imported over 832 million cubic meters of gas from Azerbaijan, a notable increase from 743.2 million cubic meters in July 2023, Caliber.Az reports per local media.

The financial value of these imports also saw a substantial increase, reaching €316.8 million in July 2024 compared to €259.4 million during the same month the previous year, marking an increase of more than 22 per cent.

From January to July 2024, Italy's total imports from Azerbaijan amounted to 5.7 billion cubic meters, valued at €1.96 billion. This represents a slight increase in volume compared to the 5.3 billion cubic meters imported in the same period in 2023, although the total value was notably higher at over €3 billion.

In 2023, Italy imported a total of 9.3 billion cubic meters of Azerbaijani gas, valued at €4.97 billion.

This surge in imports underscores Azerbaijan's growing role as a key supplier of energy to Europe, particularly following the initiation of gas transportation through the Southern Gas Corridor on December 31, 2020. This strategic route facilitates the delivery of gas from the Caspian Sea region to European markets via Georgia and Türkiye.

Moreover, in July 2022, Azerbaijan and the European Union reached an agreement to double gas supplies through the Southern Gas Corridor from the current capacity of 10 billion cubic meters to 20 billion cubic meters by 2027, further solidifying the partnership between Azerbaijan and Italy in the energy sector.

By Vafa Guliyeva