Greece increases cost of importing Azerbaijani gas

In November 2023, Greece increased the cost of importing natural gas from Azerbaijan, Azernews reports.

Eurostat, the Statistical Office of the European Union, was informed about this.

In November alone, Greece spent 64.2 million euros on gas imports from Azerbaijan, compared to 57.7 million euros in October, which means an increase of 11.3 percent.

In November, Greece imported 158.3 million cubic metres of natural gas from Azerbaijan, compared to 161.7 million cubic metres in October, which indicates that the import volume decreased by 2.1 percent.

During the first 11 months of 2023, approximately 1.8 billion cubic metres of gas worth 808.8 million euros were exported from Azerbaijan to Greece.

It should be noted that the transportation of Azerbaijani gas to Europe through the Southern Gas Corridor (SGC) began on December 31, 2020. Through the corridor, gas is transported from the Caspian region to European countries via Georgia and Turkiye.

The cost of the project was 33 billion dollars. It is expected that the capital costs of the SGC project will be fully repaid within 8-10 years.

In July 2022, Azerbaijan and the EU agreed to increase the volume of supplies through the Southern Gas Corridor from the current 10 billion cubic metres to 20 billion cubic metres in 2027.