Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

European Union seeks to double gas import from Azerbaijan

Natural gas supplies have emerged as a weapon between Russia and Europe since Moscow's February 24 invasion of Ukraine. (AFP)
  • Last year, Azerbaijan supplied some 8 billion cubic meters of natural gas to Europe through pipelines running via Georgia and Turkey.
  • In May, EU leaders agreed to stop most Russian oil imports by the end of 2022, as part of unprecedented sanctions they slapped on Moscow.

European Commission President Ursula von der Leyen on Monday said the European Union is seeking to double gas imports from Azerbaijan as it seeks non-Russian suppliers after Moscow’s invasion of Ukraine.

Natural gas supplies have emerged as a weapon between Russia and Europe since Moscow’s February 24 invasion of Ukraine.

“The EU is turning to more reliable energy suppliers. Today I’m in Azerbaijan to sign a new agreement,” von der Leyen said on Twitter.

“Our goal: double the gas delivery from Azerbaijan to the EU in a few years. Azerbaijan will be a crucial partner for our security of supply and on our way to climate neutrality.”

Ahead of the visit, the European Commission said: “Amid Russia’s continued weaponization of its energy supplies, diversification of our energy imports is a priority for the EU.”

Last year, Azerbaijan supplied some eight billion cubic meters of natural gas to Europe through pipelines running via Georgia and Turkey.

Azerbaijani President Ilham Aliyev said last week that “an important document on energy security will be signed between the European Union and Azerbaijan.”

In May, EU leaders agreed to stop most Russian oil imports by the end of the year, as part of unprecedented sanctions they slapped on Moscow over the military action in Ukraine.

But the bloc put off an outright ban on Russian gas, which in 2021 amounted to 155 billion cubic meter — nearly 40 percent of EU’s needs.