Azerbaijan’s Gas Exports to Türkiye Soar as Investments in Russia Decline
Between January and September 2024, Russia invested $97.9 million directly into Azerbaijan's economy, a figure three times lower than during the same period in 2023. According to the Central Bank of Azerbaijan, these investments accounted for 2.2% of Azerbaijan’s total investment volume. During the same period, Azerbaijan invested $27.4 million in the Russian economy, reflecting an 18% decrease compared to the previous year, making up 2% of the total volume of Azerbaijan's outbound investments.
In January-October 2024, Azerbaijan exported over 9.47 billion cubic meters of natural gas to Türkiye, marking a 10% year-on-year increase, the Report stated, citing Türkiye's Energy Market Regulatory Authority (EMRA). In October alone, Azerbaijan supplied just over 1.008 billion cubic meters of gas to Türkiye, a 40.29% increase compared to October 2023. This made Azerbaijan the second-largest natural gas supplier to Türkiye that month, accounting for 25.52% of Türkiye's total natural gas imports.
For comparison, in October 2023, Türkiye imported 718.91 million cubic meters of natural gas from Azerbaijan. Overall, in October 2024, Türkiye’s natural gas imports totaled over 3.952 billion cubic meters, reflecting a 17.69% increase compared to the same month in 2023. Russia retained its position as Türkiye's largest gas supplier, exporting 1.711 billion cubic meters in October, a 13.84% rise year-on-year. Iran ranked third, supplying 866.31 million cubic meters of gas to Türkiye in October, a volume 6.75 times higher than in August 2023.