11:30 - 29.01.2024

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January 29, Fineko/abc.az. Italy's spending on Azerbaijani gas has increased significantly, reaching €619.2 million in November 2023, compared with €364.2 million in October.

ABC.AZ reports that the indicator means monthly increase of over 70%.

At that, gas imports fell from 881.2 million cu m in October to 838.2 million cu m in November, showing decrease of 5.1%.

In the first 11 months of 2023, Italy's total gas imports from Azerbaijan amounted to 8.5 bcm, which is equivalent to value exceeding €4.6 bn.

Azerbaijan began transporting gas to Europe via the Southern Gas Corridor on December 31, 2020. It transports gas from the Caspian Sea region to European countries via Georgia and Türkiye.

The cost of the project was $33 billion. It is expected that the capital costs of SGC will be fully recouped within 8-10 years.

In July 2022, Azerbaijan and the EU agreed to increase gas supplies through the SGC from current 10 bcm up to 20 bcm by 2027.