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Azerbaijan Needs Long-Term Gas Deals to Boost EU Exports

NATURAL GAS

Azerbaijan needs buyers to commit to at least ten years in order to increase natural gas exports to Europe, Socar VP Elshad Nasirov said, cited by Interfax.

  • Companies are not ready to sign contracts for more than 10 years as most European buyer want to stop buying gas by the time the fuel won’t be allowed to be used in Europe, Nasirov said.
  • One other issue is that European banks “are not enthusiastic” about funding projects to increase the capacity of pipeline Azeri gas to Europe, he added.
  • Azerbaijan was planning to double natural gas exports to Europe by 2027 but the country has so far failed to secure needed long-term contracts, sources said earlier this month.
  • Europe imported 7.6bcm of gas in the first eight months of this year.
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