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Gazprom to Increase Azerbaijani Gas to 3 BCM In 2012

Source: www.gulfoilandgas.com 12/15/2011, Location: Asia

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Rovnag Abdullayev, President of the State Oil Company of Azerbaijan Republic (SOCAR).

The parties discussed the Gazprom and SOCAR collaboration issues surrounding the gas supplies from Azerbaijan to Russia. The meeting participants highly appreciated the results of bilateral cooperation noting that the volume of Azerbaijani gas purchased by Gazprom was growing. Thus, preliminary figures for November indicate that Gazprom's purchase of the Azerbaijani gas has increased by 70 per cent compared to last year and amounted to 1.36 billion cubic meters.

Alexey Miller and Rovnag Abdullayev resolved that Gazprom would yet increase the Azerbaijani gas procurement to 3 billion cubic meters in 2012.

Following the meeting, Alexey Miller and Rovnag Abdullayev expressed the unanimous opinion that smart partnership between the companies was important for strategic cooperation strengthening between the two countries.

Background

Azerbaijan possesses up to 1.5 trillion cubic meters of explored natural gas reserves including the Shah Deniz field with possible natural gas reserves of up to 1.2 trillion cubic meters, which is located in the Azerbaijani sector of the Caspian Sea.

The State Oil Company of Azerbaijan Republic (SOCAR) is Azerbaijan's largest state-owned petroleum company involved in oil, natural gas and gas condensate exploration, production, processing, transportation and marketing.

On October 14, 2009 Gazprom and SOCAR signed the purchase and sale contract for Azerbaijani natural gas. Azerbaijani gas has been supplied to Russia via the Shirvanovka gas metering station since January 1, 2010.

On September 3, 2010 Gazprom and SOCAR signed the addendum to the effective purchase and sale contract for the Azerbaijani natural gas.

In 2010 Azerbaijan supplied Russia with 0.8 billion cubic meters of natural gas.

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