Serbia to purchase 1 bcm of gas from Azerbaijan annually starting in 2027

BAKU. Nov 21 (Interfax) - Serbia will buy up to 400 mcm of gas from Azerbaijan annually from 2024 through 2026, and will increase this volume to 1 bcm starting in 2027, Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic said.

All issues regarding the purchase of gas have already been resolved, she said according to the ministry's website.

As previously reported, on November 15, 2023, the State Oil Company of Azerbaijan (SOCAR) and Srbijagas signed an agreement on gas shipments starting in 2024.

Thus, Serbia will become the eighth country importing Azerbaijani gas. Currently, buyers of Azerbaijani gas in Europe are Italy, Greece, Bulgaria and Romania. By the end of 2023, shipments to Hungary will begin. In addition, Turkey and Georgia buy Azerbaijani gas.

In 2022, Azerbaijan increased gas exports 18% to 22.3 bcm, with shipments to Europe totaling 11.4 bcm (+39%). For 2023, gas exports are planned at 24.5 bcm, of which about 12 bcm will go to Europe.