Azerbaijan is to supply 50 percent more gas to Russia in 2012, boosting supplies to 3 billion cubic meters, Russian gas giant Gazprom CEO Alexei Miller said on Monday, January 23.

Gazprom and the State Oil Company of the Azerbaijan Republic (SOCAR) signed an additional agreement to a five-year contract on sales of Azerbaijani gas to Russia inked in 2010. Azerbaijan delivered two billion cubic meters in 2011.

"We are very interested in (the agreement) as it is cost effective. It is a mutually beneficial cooperation for both parties," Miller said, adding that the parties might raise annual supply volume further, RIA Novosti reported.