BAKU, Azerbaijan, July 24. Greece has reduced spending on natural gas imports from Azerbaijan in May 2024, Eurostat, the European Union's statistical office, told Trend.
In May 2024, Greece spent 52.6 million euros on gas imports from Azerbaijan, down from 68.8 million euros in May 2023, representing a decrease by 23.5 percent.
Greece imported almost 94 million cubic meters of natural gas from Azerbaijan in May 2024, compared to 94.2 million cubic meters in May 2023, showing a 0.2 percent decrease.
From January through May 2024, Azerbaijan exported 461 million cubic meters of gas worth 252.3 million euros to Greece, as compared to 488.7 million cubic meters worth 465.7 million euros in the same period in 2023.
In 2023, the cumulative gas exports from Azerbaijan to Greece reached almost 2 billion cubic meters, with a total value of 871.9 million euros.
Azerbaijan started gas transportation to Europe through the Southern Gas Corridor on December 31, 2020. The Southern Gas Corridor transports gas from the Caspian Sea region to European countries via Georgia and Türkiye, with a project cost of 33 billion US dollars. It is expected that the capital costs for the Southern Gas Corridor will be fully recouped within 8–10 years.
In July 2022, Azerbaijan and the EU reached an agreement to double the volume of gas supplies via the Southern Gas Corridor from the current 10 billion cubic meters to 20 billion cubic meters by 2027.
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