Italy increases Azerbaijani gas imports by 10.5%

Italy has increased its natural gas imports from Azerbaijan by 10.5 per cent year-over-year.

According to data from Eurostat, Italy imported 488 million cubic metres (mcm) of gas from Azerbaijan in May 2024, up from 441.5 mcm in May 2023, Caliber.Az reports citing the local media.

Despite the significant increase in volume, the cost of imports has notably decreased. In May 2023, the cost of importing this gas was 366 million euros ($400 million), but by May 2024, it had dropped to 276 million euros ($301 million), marking a reduction of nearly 25 per cent.

From January to May 2024, Italy imported 2.4 billion cubic metres (bcm) of Azerbaijani gas worth 1.35 billion euros ($1.5 billion), compared to 2.2 bcm valued at 2.6 billion euros ($2.8 billion) during the same period in 2023.

In 2023, Italy imported a total of 9.3 bcm of gas from Azerbaijan, amounting to 4.97 billion euros ($5.4 billion).