European countries not part of Southern Gas Corridor need 14 bcm of Azerbaijani gas per year - Energy Ministry

BAKU. April 4 (Interfax) - The demand for Azerbaijani gas from European countries not involved in the Southern Gas Corridor currently amounts to 14 billion cubic meters per year, Azerbaijani Energy Minister Parviz Shahbazov said on Friday.

Shahbazov was giving a speech at the 11th meeting of ministers within the framework of the consultative council on the Southern Gas Corridor and the third meeting of ministers as part of the consultative council on green energy.

"In 2021, 8.2 billion cubic meters of gas were supplied to Europe, while last year this figure reached 12.9 billion cubic meters, which represents an increase of more than 57%. Last year, about 10% of the gas flows from Azerbaijan went to Georgia, 39% to Turkey and 51% to Europe. Currently, the gas demand from European countries not involved in the Southern Gas Corridor stands at 14 billion cubic meters per year," he said.

Long-term gas contracts could be signed between Azerbaijan and European consumers, he said.

"This will be a crucial guarantee for the European Union. The expansion of the corridor will undoubtedly enhance Europe's energy capacity, so with such coordinated and strong cooperation between Azerbaijan, the EU, energy companies, regional participants and financial institutions, we will elevate the Southern Gas Corridor to a new level. We should work on this," he said.

Despite geopolitical tensions and market volatility, natural gas remains a cornerstone of energy security and a strategic asset, and will continue to be a central component of energy for a long time, he said.

"Regarding the importance of Azerbaijani gas, the Southern Gas Corridor is strategic for Europe and an integral part of our plans. Over recent years, Azerbaijan has not only maintained its position as a reliable partner but has also significantly expanded its geographical reach," he said.

Azerbaijan's extraction projects should be developed at an accelerated pace, increasing the throughput capacity of the export pipeline and building a centralized compressor station, he said.

"This in turn requires investment in gas fields and infrastructure. We must make swift decisions considering the reality. Otherwise, ensuring the required supply volumes will fail," Shahbazov said.

As reported, Azerbaijan has gas supply contracts with ten European countries: Italy, Greece, Bulgaria, Romania, Hungary, Serbia, Slovenia, Croatia, Slovakia and North Macedonia. It has long-term contracts with a fixed supply volume with Italy, Greece and Bulgaria, and contracts without fixed volumes with the rest.