In 2012, Russian Gazprom will increase the purchase of Azerbaijani gas, says the Russian company. The agreement was reached during the talks between the President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev and Chairman of Gazprom Alexei Miller on Friday, Trend News reports.

The volume of gas purchases in 2011 (2 billion cubic meters) was confirmed at the meeting. CEOs have agreed to develop a successful and fruitful cooperation and increase purchases in 2012 over previously agreed volume - in addition to the contract dated Sept. 3, 2010. It was agreed that the Azerbaijani gas will be purchased based on the price formula, tied to the oil basket and on the volume of purchases in the long term, in absence of restrictions.

The medium-term contract (with a possibility of extension) for the sale of Azerbaijani gas to Russia was signed between SOCAR and Gazprom in Baku on Oct. 14, 2009. According to the addendum to the contract signed in early September 2010 in Baku, Gazprom will receive two billion cubic meters in 2011, and over two billion cubic meters in 2012.

Supplies of Azerbaijani gas to Russia began from Jan. 1 last year.