(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 6. The energy ties
between Azerbaijan and Italy hold strategic importance for both
nations and for Europe as a whole, Trend reports citing Baku
Network.
This significance is driven by several key factors:
Firstly, Italy's energy security and diversification are
crucial, as the country relies heavily on foreign energy sources.
Azerbaijani gas, transported via the Trans Adriatic Pipeline (TAP),
plays a significant role in reducing Italy's dependence on Russian
energy.
In 2023, approximately 10 billion cubic meters of Azerbaijani
gas were delivered to Italy through TAP, with expectations to
increase this amount in 2024.
Secondly, the European Union seeks new energy sources to
decrease its reliance on Russia. Azerbaijan, through TAP and the
Southern Gas Corridor, directly contributes to Europe's energy
security.
The planned expansion of TAP will further enhance the presence
of Azerbaijani gas in Europe.
Italy is also a major energy partner for Azerbaijan, importing
significant amounts of Azerbaijani oil and gas, which strengthens
economic ties between the two countries. In 2023, Azerbaijan
exported around 5 million tons of oil to Italy, with a forecast
increase in 2024.
Economic benefits and mutual cooperation extend beyond the
energy sector, with both countries investing in various
projects.
Additionally, there are prospects for collaboration in renewable
energy, leveraging Italy's expertise in "green" energy as
Azerbaijan develops its renewable resources.
Geopolitically, Azerbaijani energy exports help maintain
regional and European stability. By securing Azerbaijani gas, Italy
supports its own energy strategy and contributes to the broader
European Union energy strategy.
Overall, Azerbaijan and Italy's energy partnership is a
strategic asset, offering economic and geopolitical advantages and
paving the way for future collaboration.
MENAFN06092024000187011040ID1108645749
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.