EU member countries plan to receive “blue” fuel from Azerbaijan instead of Russia.
The European Commission has proposed to European Union (EU) countries to conclude an agreement with Azerbaijan to increase natural gas imports and expand the pipeline. The draft memorandum is part of the EU’s efforts to reduce Russia’s gas reliance following Russia’s invasion of Ukraine. This was reported by the Reuters news agency on Thursday, July 14.
“The parties are working to support bilateral trade in natural gas, including through exports to the European Union, through the Southern Gas Corridor, in the amount of at least 20 billion cubic meters of gas annually by 2027 in line with commercial feasibility and market demand, “the document said.
In 2021, more than 8 billion cubic meters of Azerbaijani gas will be delivered to European countries via the trans-Adriatic gas pipeline, the last segment of the Southern Gas Corridor’s pipeline network.
Azerbaijan now needs to expand its own gas production due to increasing supplies. The draft emphasizes the importance of “long-term, predictable and stable contracts” to ensure the security of gas producers.
The document also provides that future gas contracts should be in line with EU climate change objectives. In particular, we are talking about the planned reduction in gas consumption, especially after 2030.
Concerns about further cuts in gas supplies from the Russian Federation intensified after the start of the scheduled repair of the Nord Stream 1 gas pipeline, through which gas is supplied to Germany. Western governments and companies have warned that the Kremlin could extend the closure.
Recall that Gazprom reduced gas supplies through Nord Stream 1 by 60%.
In turn, the price of gas in Europe exceeds $ 1,500 per thousand cubic meters.
The Turkish Stream gas pipeline also stopped operating for a week.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.