Geoplin aims for long-term partnership with SOCAR in natural gas supply

Geoplin, Slovenia's largest natural gas supplier, has signed a groundbreaking deal with the State Oil Company of Azerbaijan (SOCAR) for the supply of natural gas, according to Report which cites Geoplin.

The first deal on gas supplies was inked on August 1, 2024.

Geoplin told Report that the specifics of the deal, including the volume and duration of gas supplies, remain confidential.

"The confidentiality of information regarding the volumes of Azerbaijani gas supplies to Slovenia has been agreed upon with SOCAR. Unfortunately, we are obliged to refrain from providing details about the specifics of the deal, except for those that were published in the press release about the signed agreement," stated a representative from the Slovenian company.

SOCAR, too, recognizes the significance of this deal, viewing it as a gateway to new opportunities in gas cooperation with European countries. The Azerbaijani company noted that the supply volumes would depend on their capabilities and the availability of free volumes that can be delivered.

Slovenia, a nation of 2.1 million people, bordering Italy, Croatia, Austria, and Hungary, has long relied on Russian gas imports, with 81% of its total natural gas imports coming from Russia in 2020. However, with the signing of this contract, Slovenia becomes the ninth country to receive Azerbaijani gas, joining the ranks of Türkiye, Georgia, Italy, Greece, Bulgaria, Romania, Hungary, and Serbia.

Although the initial supply volumes may be modest, Slovenia has officially secured Azerbaijan's support in gas supply, particularly in case of increased demand during the upcoming winter and unforeseen circumstances.

Russia has significantly reduced gas transit through pipelines to Europe since 2022, but countries like Austria, Hungary, and Slovakia are still heavily dependent on Russian imports.

Slovenia took a proactive step in ensuring its energy security by diversifying its gas supply with Azerbaijani gas.