Bulgaria and Azerbaijan have agreed to swap electricity for gas, Bulgarian Economy and Industry Minister Nikola Stoyanov said in an interview with the Bulgarian National Television.

According to Stoyanov, the countries reached this agreement during his visit to Azerbaijan.

The Bulgarian minister explained that Azerbaijan produces electricity only from gas, while Bulgaria exports it.

Stoyanov said that the launch of the Greece-Bulgaria interconnector as well as the expansion of the Southern Gas Corridor were discussed at the talks in Baku.

According to the Bulgarian minister, the gas deliveries from Azerbaijan to Bulgaria can increase up to 1 billion cubic meters per year.

He added that Bulgaria will be able to increase the annual supplies of Azebaijani gas up to 2 bn cubic meters after the Southern Gas Corridor is expanded. It will allow the country to cover up to 60% of its annual demand with Azebaijani gas.

Bulgaria said having problems with gas supplies at the end of April, after Gazprom had suspended gas supplies due to its refusal to pay for gas in rubles. In August Bulgaria announced that it was in talks with Gazprom to resume gas supplies on favorable conditions.

Earlier Azerbaijani President Ilham Aliyev argued that Azerbaijan did not intend to become a competitor to Russia in the gas market, saying that the country's gas was purchased by Italy, Bulgaria and Greece, Kommersant reports.