The European Union and Azerbaijan signed an agreement this Monday to double the supply of gas to 20,000 million cubic meters per year in 2027, from the 8,100 million cubic meters supplied in 2021 through the southern gas corridor, which connects the country with the community market through Turkey. “This is an important supply route for the EU, currently supplying 8.1 billion cubic meters of gas per year. We will expand its capacity to 20,000 million cubic meters per year in the coming years”, indicated the president of the Community ExecutiveUrusula von der Leyen after the signing in Baku of the agreement together with the president of Azerbaijan, Ilham Aliyev.
Von der Leyen explained that the objective is to increase the supply of gas from the Caucasus country to 12,000 million cubic meters this year, a strategy with which the EU seeks to compensate for gas supply cuts from Russia and improve energy security in the Community market. This memorandum of understanding involves the expansion of the southern gas corridor, which has been connecting Azerbaijan with the Western Balkans since 2011, and includes the trans-Adriatic gas pipeline.
“The southern gas corridor is a 3,500-kilometer-long integrated gas pipeline system that brings gas to the continent. This corridor has been operating at full capacity for less than two years,” said Azerbaijani President Ilham Aliyev. This agreement is part of the Community Executive plan, Repower EU, which seeks to break Russia’s dependence on fossil fuels by 2030.
“We will invest 60 million euros of European funds in Azerbaijan until 2024,” he explained. from the Leyen an investment that is estimated to mobilize an additional 2,000 million euros in investment, since, as highlighted by the President of the Community Executive, the EU is Azerbaijan’s main trading partner as well as its main export destination. The memorandum of understanding also contains an agreement to promote the renewable energy market in the Caucasian country, especially in offshore wind power and hydrogen, according to the president of the European Commission.
“Azerbaijan will go from being a supplier of fossil fuels to a partner in renewable energies for the EU”, he pointed out. Von der Leyen, which has added to this commitment that of reducing methane emissions throughout the gas supply chain. This Tuesday the EU-Azerbaijan Cooperation Council will be held in Brussels to analyze possible areas of cooperation in the future, after the agreement reached in Baku.