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Azerbaijan will want funding and long-term buy commitments whether it is to double its pure gasoline provide to the European Union, Azerbaijan’s deputy overseas minister Elnur Mammadov instructed the Monetary Occasions in an interview printed on Thursday.
“Whoever is eager about investing, whether or not it’s public or non-public, they [must] put their cash on the desk to ensure that us to have the ability to improve their capacities,” Mammadov instructed FT.
“I wouldn’t say that there’s a disagreement [with the EU],” the Azeri official mentioned, however added that funding is “an vital a part of this puzzle.”
Azerbaijan wants assurances that there might be demand for its gasoline in the long run, Mammadov mentioned.
The EU, for its half, is aiming to not solely get rid of its reliance on Russian gasoline by 2027 but additionally to regularly begin decreasing its gasoline consumption in the long run by boosting renewables and vitality effectivity measures.
This summer time, the EU and Azerbaijan agreed to reinforce their vitality cooperation, together with by way of a dedication to double the capability of the Southern Fuel Hall to ship at the least 20 billion cubic meters of pure gasoline yearly to the EU by 2027.
“This can contribute to the diversification targets within the REPowerEU Plan and assist Europe to finish its dependency on Russian gasoline. Based mostly on the strengthened vitality cooperation, Azerbaijan is already now growing deliveries of pure gasoline to the EU, from 8.1 billion cubic meters in 2021 to an anticipated 12 bcm in 2022,” the European Fee mentioned in July.
The Greece-Bulgaria Interconnector (IGB) delivering Azeri gasoline was formally inaugurated final month. In his speech in Sofia on the commissioning of the IGB pipeline, Azerbaijan’s President Ilham Aliyev mentioned that Azerbaijan had “began consultations with our companions” to doubtlessly double the capability of the TANAP and TAP pipelines, noting that with out such efforts, “it will likely be troublesome to offer further provides.”
Azerbaijan’s deputy overseas minister Mammadov instructed FT that it’s anticipated that the EU will step up with funding, however he mentioned he wasn’t conscious of any sums being mentioned but.
By Tsvetana Paraskova for Oilprice.com
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