Italy Sees Increase In Natural Gas Imports From Azerbaijan
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, August 6. Italy has witnessed
a notable rise in natural gas imports from Azerbaijan, with figures
indicating a 10.5 percent increase year-on-year, Eurostat, the
European Union's statistical office, told Trend .
Italy imported 488 million cubic meters of gas from Azerbaijan
in May 2024, compared to 441.5 million cubic meters in May
2023.
While the volume of imports grew significantly, the value
experienced a notable decrease. In May 2023, the value of imports
stood at 366 million euros, whereas in May 2024, it plummeted to
276 million euros, marking a reduction by almost 25 percent.
From January through May 2024, Italy imported 2.4 billion cubic
meters worth 1.35 billion euros, as compared to 2.2 billion cubic
meters worth 2.6 billion euros.
In 2023, Italy imported a total of 9.3 billion cubic meters of
gas from Azerbaijan, valued at 4.97 billion euros.
Azerbaijan initiated gas transportation to Europe through the
Southern Gas Corridor on December 31, 2020. This corridor
facilitates the transport of gas from the Caspian Sea region to
European countries, passing through Georgia and Türkiye. The
project, with a total cost of 33 billion US dollars, is anticipated
to recoup its capital costs within 8–10 years.
In July 2022, Azerbaijan and the European Union reached an
agreement to double the volume of gas supplies via the Southern Gas
Corridor, from the current 10 billion cubic meters to 20 billion
cubic meters by 2027.
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