Baku, August 11, 2024, The Europe Today: Greece has significantly reduced its expenditure on natural gas imports from Azerbaijan in May 2024, according to a report by Eurostat, the statistical office of the European Union, as reported by NHC.
The data reveals that Greece’s spending on Azerbaijani natural gas in May 2024 was 52.6 million euros, down from 68.8 million euros in May 2023. This marks a 23.5 percent decrease in expenditure year-over-year. The volume of natural gas imported during the same period also saw a slight decline, with Greece importing nearly 94 million cubic meters from Azerbaijan, compared to 94.2 million cubic meters in May 2023, a marginal decrease of 0.2 percent.
Between January and May 2024, Azerbaijan exported a total of 461 million cubic meters of natural gas to Greece, valued at 252.3 million euros. This represents a reduction from the 488.7 million cubic meters worth 465.7 million euros exported during the same period in 2023.
In the full year of 2023, Azerbaijani natural gas exports to Greece reached nearly 2 billion cubic meters, with a total value of 871.9 million euros.
Azerbaijan has been supplying natural gas to Europe via the Southern Gas Corridor since December 31, 2020. This strategic corridor, which connects the Caspian Sea region to European markets through Georgia and Türkiye, was developed at a cost of 33 billion US dollars. It is anticipated that the capital costs for the Southern Gas Corridor will be recovered within 8 to 10 years.
In July 2022, Azerbaijan and the European Union reached an agreement to double the supply of natural gas through the Southern Gas Corridor, aiming to increase the volume from 10 billion cubic meters to 20 billion cubic meters by 2027.
This move underscores the ongoing strategic partnership between Azerbaijan and the European Union, particularly in the energy sector, as both parties seek to enhance energy security and diversify energy sources within the region.
