Russia to double gas supplies from Azerbaijan.

By bne IntelliNews September 6, 2010
As announced by Russia's natural gas giant Gazprom, it signed an agreement with State Oil company of Azerbaijan (SOCAR) to double the purchase of Azeri natural gas to 2bn m3 in 2011. From 2012 and onwards, the purchases of Azeri gas are expected to exceed 2bn m3. Azerbaijan was previously importing Russian gas, until 2007 it was importing 4.5bn m3 of Russian natural gas per year. Gazprom attributed the increased volumes of Azeri gas to absence of transit zones, availability of necessary transport infrastructure optimizing its supplies portfolio. However, the price of the deal was not announced. Experts surveyed by Gazeta.ru on the issue believe that one of the main interest that could be behind purchasing most of Azeri gas is to divert natural gas supplies from Nabucco gas pipeline, which is the direct competitor of Russia's project South Stream pipeline. Azerbaijan has 2tn m3 of proved gas reserves and 5tn m3 of potential natural gas reserves.
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