EU denies import of Russian gas through Azerbaijan
Baku/25.09.23//Turan: The European Union has once again confirmed its commitment to increase gas imports from Azerbaijan, thereby dispelling rumors about potential sanctions against Azerbaijan. These speculations arose after Azerbaijan conducted anti-terrorist activities in Karabakh on September 19-20.
In response to the pro-Armenian journalist, the representative of the European Commission on Climate Action and Energy, Tim McPhee, said that the Memorandum of Understanding signed between Azerbaijan and the EU in July 2022 is "valid".
"Gas supplies from Azerbaijan accounted for 3 percent of EU imports of this resource in 2022, compared with 2 percent in 2021. We expect to reach a similar level this year. In 2021, we imported 8.1 bcm of Azerbaijani gas, while in 2022 we have already received 11.3 bcm. Thus, growth is observed. We have signed a memorandum of understanding, which implies an increase in the supply of Azerbaijani gas to 20 bcm by 2027, as well as broader cooperation in the field of renewable energy sources," he said.
Further, McPhee also explained to reporters that "there is no Russian gas in the supplies that the EU imports from Azerbaijan."
"It's a matter of volumes. The volume of gas exported from Russia to Azerbaijan is significantly less than what we import from Azerbaijan, so there is no Russian gas in these supplies. We import only Caspian resources," he explained. -0-
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- 25 September 2023 09:38
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- 25 September 2023 10:20
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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