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Romgaz signs 1 bcm gas delivery contract with SOCAR

Romanian natural gas producer Romgaz signed a contract with Socar Trading, a subsidiary of the Azeri state oil company, SOCAR for the delivery of up to 1 billion cubic metres (bcm) of natural gas to Romania until March 2024.

The agreement was signed in Baku last Friday, at the 9th meeting of ministers within the framework of the Southern Gas Corridor Consultative Council. The new contract will enter into force on 1 April, extending the contractual framework established by the first individual contract concluded by the companies at the end of last year.

Source: Socar

“This new contractual arrangement serves the strategic objectives of safety in natural gas supply and diversification of sources,” underlined Romgaz in its press statement adding that they will continue to cooperate to improve the delivery mechanisms of Azeri gas on the Romanian market and explore new possibilities of mutually beneficial projects in the energy field.

Romania’s president Klaus Iohannis, who attended the opening of the ministerial meeting underlined that Romania made clear its continued commitment to join efforts aimed at developing and expanding the Southern Gas Corridor to new markets in Central and South-Eastern Europe. He also confirmed that Romania is “very interested in purchasing additional volumes of Caspian gas to cover its growing domestic consumption.”

Azerbaijani President, Ilham Aliyev said at the meeting that December was very important for energy security. “First, we signed an agreement on gas supply to Azerbaijan and Romania, which will start soon. Thus, Romania joins the group of countries participating in the Southern Gas Corridor, and we also signed the Green Energy Production and Transmission Agreement between Azerbaijan, Georgia, Hungary, and Romania. This is a new page in energy security that will create additional cooperation opportunities,” the president emphasised.

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