Italy increases natural gas imports from Azerbaijan

Italy has witnessed a notable rise in natural gas imports from Azerbaijan, with figures indicating a 10.5% increase year-on-year, Eurostat, the European Union's statistical office said.

Italy imported 488 million cubic meters of gas from Azerbaijan in May 2024, compared to 441.5 million cubic meters in May 2023.

While the volume of imports grew significantly, the value experienced a notable decrease. In May 2023, the value of imports stood at 366 million euros, whereas in May 2024, it plummeted to 276 million euros, marking a reduction by almost 25%.

From January through May 2024, Italy imported 2.4 billion cubic meters worth 1.35 billion euros, as compared to 2.2 billion cubic meters worth 2.6 billion euros.

In 2023, Italy imported a total of 9.3 billion cubic meters of gas from Azerbaijan, valued at 4.97 billion euros.

Azerbaijan initiated gas transportation to Europe through the Southern Gas Corridor in 2020. This corridor facilitates the transport of gas from the Caspian Sea region to European countries.

In summer 2022, Azerbaijan and the EU reached an agreement to double the volume of gas supplies via the Southern Gas Corridor, from the current 10 billion cubic meters to 20 billion cubic meters by 2027.