Greece reduces spending on Azerbaijani gas imports

Athens: Greece reduced its expenditure on natural gas imports from Azerbaijan in May 2024, Azernews reports, citing Eurostat, the statistical office of the European Union.

In May 2024, Greece’s spending on Azerbaijani gas imports was 52.6 million euros, down from 68.8 million euros in May 2023, marking a 23.5 percent decrease.

During the same period, Greece imported nearly 94 million cubic meters of natural gas from Azerbaijan, compared to 94.2 million cubic meters in May 2023, reflecting a 0.2 percent decline.

From January to May 2024, Azerbaijan exported 461 million cubic meters of gas to Greece, valued at 252.3 million euros. This is a reduction from the 488.7 million cubic meters worth 465.7 million euros exported in the same months of 2023.

In 2023, total Azerbaijani gas exports to Greece amounted to nearly 2 billion cubic meters, with a value of 871.9 million euros.

Azerbaijan commenced gas deliveries to Europe through the Southern Gas Corridor on December 31, 2020. This corridor transports gas from the Caspian Sea region to European nations via Georgia and Türkiye, with a project cost of 33 billion US dollars. It is anticipated that the capital costs for the Southern Gas Corridor will be recovered within 8 to 10 years.

In July 2022, Azerbaijan and the EU agreed to double the gas supply through the Southern Gas Corridor from 10 billion cubic meters to 20 billion cubic meters by 2027.