He made the statement at the ministerial meeting of the Southern Gas Corridor Advisory Council held in Baku on Friday.
“Energy potential of the Caspian Sea region plays an important role for our future energy policy. We hope that with the signing of new long-term supply agreements, the capacity of the Southern Gas Corridor will increase so that to bring the volume of supplies to at least 20 billion cubic meters by 2027. It is important not only for consumers or transit countries like Italy and Europe, but also for producing countries,” he added.
Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports of gas from the Caspian Sea region to European countries through Georgia and Türkiye.
This large-scale project is aimed at diversification of energy supply routes and sources, thereby contributing to strengthening Europe’s energy security. The project’s cost totaled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8-10 years.
Azerbaijan's export of natural gas to European Union market will stand at 11.6 billion cubic meters as of 2023. Total export of natural gas from Azerbaijan this year will be almost 24.5 billion cubic meters.
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