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AZERBAIJAN: GAS EXPORTS SHRIVEL
7/15/09

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With demand pinched by the global economic crisis, international sales of Azerbaijani gas plummeted 18 percent between June and May 2009. The figure marks the latest low in a three-month downward slide for the country’s natural gas exports.

The largest drop came in May when exports fell almost 50 percent from some 101 million cubic meters in April. The slide slightly slowed in June, with exports reaching 42 million cubic meters, the Azerbaijan Business Center reported.

International sales for the year to date, however, are down nearly 33 percent from last year. From January through June, the State Oil Company of the Azerbaijani Republic (SOCAR) exported upwards of 550 million cubic meters, while in the same period last year foreign sales reached some 819 million cubic meters, according to SOCAR data.

That puts the focus on the future. Neighboring Georgia will remain a significant outlet for Azerbaijani gas exports in 2009, the Azerbaijan Business Center said. Azerbaijan concluded a gas sale agreement with Russia on June 29 and also promises to funnel more gas to Europe via the planned Nabucco pipeline.

Posted July 15, 2009 © Eurasianet
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