Azerbaijan to supply gas to Russia in summer, Russia to Azerbaijan in winter
BAKU. July 27 (Interfax) - Azerbaijan and Russia have agreed to cooperate in a seasonal exchange of natural gas.
"The corresponding contract has been signed between the state-owned companies Azercontract and Gazprom Group. The agreement's validity period is until 2023. The contract envisages gas supplies from Azerbaijan to Russia in the summer season, and similar gas volumes from Russia to Azerbaijan in the winter season," Azercontract said in a statement.
According to the company's data, the volume of supplies will depend on the level of gas output and consumption in Azerbaijan in the summer months.
"The State Oil Company of the Azerbaijan Republic (SOCAR) will conduct technical implementation of the agreement for acceptance and shipment of the corresponding volumes of gas on the Azerbaijani side," it said.
The statement said this contract would enable the parties to achieve optimum use of their oil and gas infrastructure.
"Amid rapid growth of gas output in the country, [with the new contract] Azerbaijan receives the opportunity to create additional volumes of its own gas for winter, when the level of domestic consumption substantially increases," it said.