Turkey and Azerbaijan signed a new agreement to extend the exchange and supply of natural gas resources until the end of 2030, an important step to enhance regional energy security and expand bilateral cooperation.

The agreement was signed during the activities of the 29^th International Oil and Gas Exhibition in the Caspian Sea Basin, which was held within the framework of the Baku Energy Week in the Azerbaijani capital.

The signing ceremony witnessed the presence of Turkish Minister of Energy and Natural Resources FarukYepzirktay and Azerbaijani Minister of Economy MikailJaparov, along with representatives of the Turkish Petroleum Pipeline Corporation (BOTAŞ), the Azerbaijan State Energy Company (SOCAR), and the Azerbaijan Gas Supply Company (AGSC).

Under the new agreement, the current natural gas supply agreement, which was scheduled to expire at the end of 2024, will be extended for an additional six years.

This includes the continued flow of natural gas from Azerbaijan to Turkey, with the possibility of delivering additional quantities of gas coming from Turkmenistan via Azerbaijan to the Turkish and European markets.

Turkish Minister FarukYipzirktay stressed the importance of energy security and strong regional cooperation, noting that the “abundant energy resources” in the South Caspian region offer great opportunities for cooperation.

“It is now just a matter of time to transfer the gas produced in Turkmenistan to Turkey and Europe with our joint efforts and expand TANAP’s capacity,” Azerbaijani Minister MikailJaparov stressed.