Italy increases gas imports from Azerbaijan

Italy has significantly boosted its natural gas imports from Azerbaijan, according to Eurostat, the statistical office of the European Union.

In October 2024, Italy imported over 879 million cubic meters (mcm) of Azerbaijani gas. This marks a slight decrease of 0.25% compared to 881.2 mcm in October 2023. However, it represents an 18.2% increase from September 2024, when imports stood at 743.8 mcm, Caliber.Az reports, citing local media.

From January to October 2024, the total volume of Azerbaijani gas imports reached 7.98 billion cubic meters (bcm), up by 3.6% compared to 7.7 bcm during the same period in 2023.

Despite the increased volume, the cost of imports has declined due to changes in market prices. In October 2024, the value of gas imports stood at €373 million, which is 2.4% higher than the €364.2 million recorded in October 2023 and 17.3% above the €318 million registered in September 2024.

Overall, from January to October 2024, the cost of Azerbaijani gas imports amounted to €2.9 billion, a sharp decline of 27.5% compared to over €4 billion during the corresponding period in 2023.

Azerbaijan commenced gas exports to Europe on December 31, 2020, through the Southern Gas Corridor, a strategic pipeline transporting Caspian gas to Europe via Georgia and Türkiye. In July 2022, Azerbaijan and the European Union agreed to double gas supplies via this corridor, aiming to increase capacity from 10 bcm to 20 bcm by 2027.

By Khagan Isayev