Following the start of Russia’s full-scale invasion of Ukraine, supplies of Azerbaijani natural gas to the European Union increased by 65%, and Azerbaijan is ready to further expand production.
Azerbaijani President Ilham Aliyev said this while speaking with journalists at the 4th Global Media Forum in Shusha.
“After the start of Russia’s war, demand for Azerbaijani gas increased sharply. The European Commission approached us with a request to increase production as quickly as possible. And we did so. Gas supplies to the European Union increased by 65%, and they will continue to grow,” Aliyev said.
According to him, Azerbaijan has the potential to further increase production through the launch of the new ACG Deep Gas field, expanding output at existing fields, and developing renewable energy sources, which would free up additional volumes of gas for export.
The Azerbaijani president noted that the main obstacle currently is the insufficient capacity of existing gas transportation infrastructure.
“We need to expand the existing transport infrastructure. But the obstacle is Europe’s ‘Green Deal’. European banks are reluctant to finance projects related to fossil fuels. Therefore, the question arises: where can we attract funding to increase the capacity of gas pipelines?” he said.
Aliyev also emphasized that Baku is interested in long-term agreements with European partners that would allow it to recoup investments in increasing production.
“To significantly increase production, major investments are required. But if at some point they tell us: ‘Thank you, we no longer need your gas,’ what should we do then? That is why we need long-term contracts,” the president said.
He added that Azerbaijan is also working to diversify its energy exports and has already begun supplying gas to Syria, while considering the possibility of accessing Middle Eastern markets through Syria.
