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19
October
2022

EU countries spend nearly EUR 5 bln on purchasing gas from Azerbaijan in January-June – EC

BAKU. Oct 19 (Interfax) – European Union countries spent EUR 2.8 billion on purchasing gas from Azerbaijan supplied via the Trans-Adriatic Gas Pipeline (TAP) in the second quarter of 2022, according to the European Commission’s (EC) quarterly report on the European gas market.

EU member countries spent EUR 2.1 billion on purchasing Azerbaijani gas in the first quarter of 2022, implying that they boosted expenditures on the product 33.3% in the second quarter.

EU countries overall spent EUR 4.9 billion on Azerbaijani gas in the first half of 2022.

According to the data, Azerbaijani gas cost 98.19 euros per MWh for Italy and Greece in April-May 2022 and EUR 86.32 per MWh for Bulgaria.

The EC noted yearly and quarterly growth in supplies from Azerbaijan at approximately 28 TWh in the second quarter of 2022 against 18 TWh in the second quarter of 2021, a sharp increase of 57% year-on-year; and 24 TWh in the first quarter of 2022, growth of 16.7% in the second quarter compared to the first quarter.

The share of gas supplies to the EU via the TAP was 2.9% of the overall supply in the second quarter of 2022 against 2.5% in the first quarter of 2022.

"The TAP provides access to Azerbaijani gas resources via the Southern Gas Corridor, which is an important result of the EU’s security policy on supplying gas," the EC noted.

The EU overall spent around EUR 5 billion on gas imports in the second quarter of 2022.

As previously reported, Azerbaijan on December 31, 2020, began supplying gas to Europe, specifically to Italy, Greece, and Bulgaria, via the TAP.

Azerbaijan exported 8.2 billion cubic meters of gas to Europe in 2021, and exports this year are forecast at 11.5 bcm, with growth to 20 bcm expected by 2027.