The implementation of the memorandum of understanding signed today between the operators of the natural gas transport systems of Bulgaria, Romania, Hungary, Slovakia, and the State Oil Company of the Azerbaijan Republic (SOCAR) will certainly strengthen energy security in Europe and enable Azerbaijan to export more natural gas to more European countries. This was announced by the president of Azerbaijan, Ilham Aliyev, at Tuesday’s signing ceremony of the aforesaid memorandum of understanding.

Aliyev expressed confidence that this ceremony will be another step to strengthen their collaboration.

He recalled that in July of last year, Azerbaijan and the European Commission signed a memorandum on strategic partnership in the energy sector, based on which it is planned to double the supply of Azerbaijani natural gas to the EU market by 2027.

The Azerbaijani president noted that in 2021, his country supplied 8 billion cubic meters of natural gas to Europe, but this year the goal is to increase that amount to 12 billion cubic meters. In other words, as per Aliyev, this will be almost half of their total exports, which is planned at the level of 24.5 billion cubic meters this year.

The president of Azerbaijan noted the amount of Azerbaijani natural gas extraction and export will increase because they will increase extraction in the country’s natural gas fields, and in the coming years, they will expect natural gas extraction from new deposits as well.