Azerbaijan signs memorandum to supply additional gas volumes to Europe via "Solidarity Ring"
25 April 2023
A memorandum on the supply of additional volumes of gas from Azerbaijan to Europe through the modernized "Solidarity Ring" was signed in Sofia today by the Energy Ministers of Azerbaijan, Bulgaria and Romania. The document was signed in the presence of the Presidents of Azerbaijan and Bulgaria, as well as Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto and Slovak Minister of Economy Karel Hirman.
The "Solidarity Ring" initiative ("STRING") was proposed by Bulgaria and supported by the European Commission to improve the security of natural gas supplies to the European Union, Central and Southeastern Europe. The memorandum provides for the development of cooperation between the operators of the gas transmission systems of Bulgaria "Bulgartransgaz", Romania "Transgaz", Hungary "FGSZ", Slovakia "Eustream" and the state oil company of Azerbaijan "SOCAR".
The signed document will strengthen the energy security of Europe, according to EU Commissioner for Energy Kadri Simson in a video message. The agreement reached will also contribute to expanding the export of Azerbaijani gas to Europe, as stated by Azerbaijani President Ilham Aliyev at the signing ceremony.
"Azerbaijan is an important and proven partner of Europe, and not only in the energy sector, but in other areas as well," Aliyev said. "By the end of this year, if all the interconnectors are connected, we plan to start deliveries to Hungary and Slovakia. Azerbaijan will increase the geography of energy supplies from 6 to 10 countries."
Azerbaijan exported 11.4 billion cubic meters of gas to EU countries in 2022, and it is planned to raise the export of Azerbaijani gas to Europe to 20 billion cubic meters by 2027.
The "Solidarity Ring" initiative ("STRING") was proposed by Bulgaria and supported by the European Commission to improve the security of natural gas supplies to the European Union, Central and Southeastern Europe. The memorandum provides for the development of cooperation between the operators of the gas transmission systems of Bulgaria "Bulgartransgaz", Romania "Transgaz", Hungary "FGSZ", Slovakia "Eustream" and the state oil company of Azerbaijan "SOCAR".
The signed document will strengthen the energy security of Europe, according to EU Commissioner for Energy Kadri Simson in a video message. The agreement reached will also contribute to expanding the export of Azerbaijani gas to Europe, as stated by Azerbaijani President Ilham Aliyev at the signing ceremony.
"Azerbaijan is an important and proven partner of Europe, and not only in the energy sector, but in other areas as well," Aliyev said. "By the end of this year, if all the interconnectors are connected, we plan to start deliveries to Hungary and Slovakia. Azerbaijan will increase the geography of energy supplies from 6 to 10 countries."
Azerbaijan exported 11.4 billion cubic meters of gas to EU countries in 2022, and it is planned to raise the export of Azerbaijani gas to Europe to 20 billion cubic meters by 2027.
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