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Azerbaijan and Russia agree on seasonal gas supplies

Since it regained its independence in 1991, Azerbaijan has come to play a meaningful role in shaping Europe’s energy market

Azerbaijan and Russia agree on seasonal gas supplies

Baku, July 29 - Neftegaz.RU. Azerbaijan and Russia have agreed to cooperate in the seasonal supply of natural gas, a local media source has reported.
The corresponding contract was signed between the Azercontact and Gazprom group, with the term of the agreement till 2023.

The contract provides for the supply of gas from Azerbaijan to Russia in the summer season and the supply of similar volumes of gas from Russia to Azerbaijan in the winter season.
It was noted that the supply volumes will depend on the level of gas production and consumption in Azerbaijan during the summer months.

Moreover, technical implementation of the agreement - receiving and sending the corresponding volumes of gas from Azerbaijan, will be carried out by the State Oil Company (SOCAR).

It was noted that the contract will allow the parties to optimally use their oil & gas infrastructure.
The information reads:
  • Against the background of the rapid growth of gas production in the country, Azerbaijan gets an opportunity to create additional volumes of its own gas for the winter, when the level of domestic consumption increases significantly
It should be noted that the trade turnover between Azerbaijan and Russia amounted to $2.6 billion in 2020, making Russia Azerbaijan’s 3rd-largest partner.
In addition, the trade turnover between the 2 countries amounted to $1.3 billion in the 1st half of 2021.

Author: Ayya Lmahamad

Source : Neftegaz.RU

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