The recent data on gas imports from Azerbaijan to Italy, Greece and Bulgaria reveals a notable increase in volume, despite a significant decrease in overall costs. From January to July 2024, these countries saw a 5.5% rise in imports compared to the same period in 2023, reaching 297,765 terajoules (TJ).
The total cost of these imports was approximately 2.484 billion euros, reflecting a sharp decline of 35.5%. Looking at individual countries, Bulgaria imported 21,948 tons (165.524 million euros) with a slight volume increase of 0.3%, while costs decreased by 15.6%. Greece saw imports of 46,436 TJ (362.014 million euros), with a volume drop of 6.7% and a significant cost reduction of 37.5%. Italy experienced an 8.95% growth in imports, totaling 229,381 TJ (1.957 billion euros), but the cost per unit fell by around 50%.
In July 2024, the EU countries collectively imported 43,244 TJ from Azerbaijan, marking a 7.2% increase year-over-year and spending 398.469 million euros, which is a 17.5% increase compared to the previous year.
Looking ahead, Azerbaijan has established gas supply contracts with eight European countries, with projections for 2024 estimating total exports at 25 billion cubic meters (bcm), half of which (12.5 bcm) will be directed to Europe. This data indicates an increasing reliance on Azerbaijani gas among these EU countries, despite the challenges posed by lower revenue from gas sales.
