Expansion of Azerbaijani gas transportation through Serbia expected to begin soon [COMMENTARY]

Cooperation on the transportation of Azerbaijani gas through Serbia is set to expand, with activities expected to begin in the coming months. Vitaly Baylarbeyov, Deputy Vice President of the State Oil Company of Azerbaijan (SOCAR), made this announcement during the 8th meeting of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia, held in Baku.

Baylarbeyov highlighted that SOCAR, in addition to its natural gas partnership with Serbia, is also a key supplier of crude oil to the Serbian market. "In the first half of this year, our crude oil exports to Serbia nearly doubled compared to 2023. We are eager to further enhance this cooperation and are committed to strengthening the partnership between Azerbaijan and Serbia," he said.

On November 15, 2023, SOCAR and Srbijagas signed an agreement in Baku to transport up to 400 million cubic meters of gas to Serbia in 2024. From 2024 to 2026, Serbia will receive up to 400 million cubic metres of Azerbaijani gas annually, with the supply volume set to increase to 1 billion cubic meters annually from 2027.

Azerbaijani MP Vugar Bayramov believes that dynamic development occurs in the relationship between Azerbaijan and Serbia.

"Serbia is one of Azerbaijan's main partners in Europe. We have established cooperation in the gas and oil sectors, and expanding this cooperation is one of our primary goals. The commissioning of the Greece-Bulgaria interconnector has also enabled more countries to purchase Azerbaijani gas," he noted.

According to Bayramov, this geographic reach is continuing to expand.

"Cooperation extends beyond the energy sector to include other areas, such as mutual investment and the expansion of trade relations. These are key objectives for both countries."

"Energy sector cooperation will also contribute to tourism and investment and will help increase the foreign trade turnover between the two nations. Both countries have significant tourism potential, and our collaboration will help realise this potential more fully. Consequently, we expect the trade turnover between Azerbaijan and Serbia to rise shortly, and the overall cooperation to deepen," V. Bayramov concluded.