Azerbaijan to boost gas exports to Europe to 20 bcm by 2027 - Aliyev

BAKU. May 22 (Interfax) - Azerbaijan plans to increase its gas exports to Europe to 20 billion cubic meters (bcm) by 2027, President Ilham Aliyev said.

"Deliveries of Azerbaijani natural gas to Europe stood at 8 bcm in 2021. The figure will be 12 bcm this year, and I think 20 bcm by 2027. I believe that this is the minimum," Aliyev said at an Azerbaijan-Lithuania business forum in Vilnius on Monday.

Aliyev also announced "the important production [of gas] at one of the large Caspian deposits in a very short time."

Along with conventional energy resources, Azerbaijan intends to export renewable energy in the future, in a move that will help save natural gas, the president said.

"Azerbaijan, as a reliable supplier, exports oil, natural gas and electricity to Europe today. We plan to export hydrogen, including 'green' hydrogen, and all this is part of the common strategic framework of our cooperation with the European Union, and we are grateful to our Lithuanian friends and partners for their continuous support of Azerbaijan's efforts and the efforts of the European Commission aimed at forging closer ties," he said.

Furthermore, the favorable investment environment in Azerbaijan makes it possible to diversify the economy, which in turn will help reduce dependence on the energy sector, Aliyev said.

"I think that we will be able to diversify our economy to a considerable extent and to lower dependence on the energy sector, though it will continue to play an important role for the energy security of Azerbaijan and Europe," he said.

Presently, Azerbaijan and Lithuania have vast transport and logistics capabilities, which help maintain links between the regions of the Caspian and Baltic Seas, he said.

"We view the transport sector not only as a source of transit revenue but also as an opportunity for small and medium-sized enterprises, for creating production chains, business and services along this transport route. Today, Lithuania and Azerbaijan are important transport hubs in our region. That is why we need to maintain links between the regions of the Caspian and Baltic Seas. I believe that it is possible, because if we look at the energy map of Europe, we will see that it has changed drastically mainly thanks to Azerbaijan's initiatives," Aliyev said.