Azerbaijan and the European Union on Monday signed a new Memorandum of Understanding (MOU) on the Strategic Partnership in the Field of Energy, which will double the supply of gas from Azerbaijan to Europe by 2027.
Signed by Azerbaijani President Ilham Aliyev and visiting European Commission President Ursula von der Leyen, the deal secures alternative gas supplies for Europe, as the sides endeavour to work collectively toward enabling the stable and predictable delivery of natural gas to the European Union.
According to a statement posted on the official website of Azerbaijani president, speaking after the signing ceremony, Aliyev highly praised energy cooperation between Azerbaijan and the European Union.
"Energy projects initiated by Azerbaijan and supported by the European Union and our partners completely changed the energy map of Europe," he said, adding that "a long-lasting, predictable and very reliable "cooperation between Azerbaijan and the EU in the field of energy is "a big asset", and describing the MOU as a road map for the future.
Von der Leyen said that with the new MOU, the sides commit to the expansion of the Southern Gas Corridor project.
"This is already a very important supply route for the European Union, delivering currently more than 8 billion cubic meters of gas per year. And we will expand its capacity to 20 billion cubic meters in a few years. From next year on, we should already reach 12 billion cubic meters," she said, stressing that this will contribute significantly to Europe's security of supply.
Under the MOU, Azerbaijan and the EU aspire to support bilateral trade of natural gas, including through exports to the European Union, via the Southern Gas Corridor, of at least 20 billion cubic meters of gas annually by 2027, in accordance with commercial viability and market demand.
The deal also lays the ground for cooperation between Azerbaijan and the EU in the field of renewables, and sets both sides' commitments to reduce methane emissions.
Editor: Galia
