Azerbaijan increases gas exports to Italy by 2.2 times in 1Q24

Azerbaijan exported over 1.637 billion cubic meters of natural gas to Italy for $740.377 million in January-March 2024, Report informs, citing the State Statistics Committee of Azerbaijan.

Compared to the first quarter of 2023, the volume of gas transportation to Italy in the reporting period of 2024 increased by 2.2 times or 896.7 million cubic meters in quantity. In terms of value, the volume of exports decreased by 46.8% or $650.38 million.

In total, in the first three months of 2024, Azerbaijan exported 4.93 billion cubic meters of gas (61.5% more) for $1.752 billion (25.4% less).

In the reporting period, Türkiye, Italy and Bulgaria were among the TOP 3 importers of Azerbaijani gas. At the same time, Italy received 33.2% of the total volume of gas exported from Azerbaijan. With this, Italy became the second-largest buyer of Azerbaijani gas after Türkiye.

In 2023, Azerbaijan exported over 10.7 billion cubic meters of gas to Italy for $8.05 billion.

The export of Azerbaijani gas to Europe through the Trans-Adriatic Pipeline (TAP), a segment of the Southern Gas Corridor, began on December 31, 2020. To date, TAP's transmission capacity has exceeded 12 billion cubic meters, and is expected to reach 20 billion cubic meters by the end of 2027.