Azerbaijan's gas exports to Bulgaria witness unprecedented growth

In a significant development for the European energy market, Azerbaijan has substantially increased its natural gas exports to Bulgaria during the first four months of 2024. According to the latest data released by the State Statistical Committee, Azerbaijan exported a staggering 575.8 million cubic meters of gas to the Balkan nation between January and April.

The value of the Azerbaijani gas supplied to Bulgaria during this period amounted to an impressive $183.2 million. Compared to the same period last year, the volume of exports has skyrocketed by 3.9 times, or 426.5 million cubic meters, in quantitative terms. In monetary terms, the growth reached 3.1 times, or an additional $124.3 million.

Azerbaijan's expanding role as a reliable gas supplier for Europe is evident from its export portfolio. During the reporting period, the country exported gas to six nations: Italy, Bulgaria, Greece, Serbia, Turkey, and Georgia. In 2023 alone, Azerbaijan's gas exports to Bulgaria surged by 3.5 times, reaching 1.275 billion cubic meters, with a value of $470.3 million, representing a remarkable 97.7% increase.

Azerbaijani gas exports to Europe via the Trans-Adriatic Pipeline (TAP), a crucial component of the Southern Gas Corridor, commenced on December 31, 2020. The TAP's capacity has already surpassed 12 billion cubic meters and is set to reach 20 billion cubic meters by the end of 2027.