European buyers are close to a commercial agreement with Azerbaijan to maintain natural gas supplies to the continent after the transit agreement between Russia and Ukraine expires at the end of the year.
It is reported that companies from Hungary and Slovakia intend to sign a contract for the supply of 12-14 billion cubic meters of gas per year from Azerbaijan.
It should be noted that on December 31, 2020, Azerbaijan began transporting gas to Europe along the Southern Gas Corridor. This corridor ensures the transportation of gas from the Caspian Sea region to European countries, passing through Georgia and Turkey.
In July 2022, Azerbaijan and the European Union reached an agreement to double gas supplies through the Southern Gas Corridor from the current 10 billion cubic meters to 20 billion cubic meters by 2027.