Romanian media highlights growing importance of energy cooperation with Azerbaijan
Bucharest, July 7, AZERTAC
Romania’s "Știripesurse" edition has published an article highlighting that the energy agreement signed between the European Union (EU) and the US a year ago is facing its serious, while also acknowledging a growing importance of energy collaboration with Azerbaijan.
According to the report, the EU's plans to increase large-scale liquefied natural gas (LNG) imports from the US are not progressing at the expected pace due to price fluctuations in the global market and commercial interests.
It further emphasized that the agreement envisaged the European Union purchasing approximately $750 billion worth of energy products from the United States over the next three years, thereby further reducing its dependence on Russian energy resources. However, in recent months, a significant portion of US-exported LNG has been redirected toward Asian markets, which offer higher prices, instead of Europe.
The article said that prioritizing commercially more lucrative markets, by the US companies leads to decline of the volume of gas supplies to Europe. This, in turn, poses new challenges to the European Union's energy security strategy.
The report pointed out that the current situation once again highlights the importance for Europe to further diversify its energy sources and routes. In this regard, Azerbaijan holds a particular significance as one of the EU's reliable energy partners.
It also shares insights of Cristina Lobillo Borrero, Director of the Energy Platform and International Relations Group at the European Commission's Directorate-General for Energy, as she describes the energy cooperation with Azerbaijan as of strategic importance. According to her, the EU's natural gas imports from Azerbaijan have increased by more than 40 percent since 2021, which outlines a crucial role of the Southern Gas Corridor in boosting Europe’s energy security.
The report further emphasized that the Azerbaijan-EU cooperation is not limited with the natural gas sector, with EU considering the Caspian Sea-Black Sea-Europe "Green Energy Corridor" project as one of the future strategic energy connections. Key avenues of the EU-Azerbaijan cooperation are renewables, electrical interconnectors, and development of new energy infrastructure.
In conclusion, the article said that fluctuations in the global energy market demonstrate that Europe cannot depend on a single source. In this vein, Azerbaijan and the Caspian region continue to hold a vital place in the European Union's energy security and energy source diversification policies.
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