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Azerbaijan and Greece eye energy cooperation

Total gas reserves in Greece are less than even a single year of gas consumption, making the country highly dependent on natural gas imports in order to substain its consumption levels

Azerbaijan and Greece eye energy cooperation

Source: Pixabay

Athens, November 23 - Neftegaz.RU. Azerbaijan´s Energy Minister Parviz Shahbazov and Greek ambassador Nikolaos Piperigkos have discussed bilateral energy cooperation, Azernews reported.
At the meeting, Shahbazov stressed bilateral cooperation as part of the global energy project - the Southern Gas Corridor.

Shahbazov underlined the successful continuation of cooperation with Greece, as a buyer of the Shah Deniz 2 gas via the Trans-Adriatic Pipeline (TAP).
Moreover, Greece's participation in all sessions of the Southern Gas Corridor Advisory Council was highly appreciated.

In the 1st 9 months of the year, Azerbaijan exported 4.6 billion m3 of natural gas worth $1.4 billion to Europe.
Of the total volume of exported natural gas, 501.7 million m3 of natural gas worth $163.7 million were exported to Greece.

The trade volume between the Azerbaijan and Greece totaled $536.9 million in 2020.

Greece is heavily dependent on natural gas, which continues to support the country’s power production at a growing rate, while the fuel’s share in the area of industrial and domestic consumption is also expanding.

Greece is set to play a bigger role in the regional gas market in the coming years, with the country set to become a gateway for LNG supplies into Southeast Europe with both the 7 Bcm/year Revithoussa import terminal and the planned 5.5 Bcm/year FSRU at Alexandroupolis expected to serve the wider regional market.

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