Speaking at a joint press conference with Azeri Foreign Minister Elmar Mammadyarov in Baku on Monday, Mogherini said Brussels remained committed to the proposed Southern Gas Corridor project, as well as the need for Azerbaijan to adjust to lower prices and slower regional growth.

"We agreed in general terms to strengthen our cooperation on the economic reforms that the authorities of Azerbaijan are putting in place to diversify the economy," she said in remarks published on the European External Action Service’s website.

Mogherini added that consultations for a "new bilateral agreement" were ongoing.

The Southern Gas Corridor, the Trans-Adriatic Pipeline, is expected to be complete in 2019, according to the Azerbaijani Energy Ministry.

The pipeline, which represents a total investment of more than $45 billion and stretches over seven countries, will provide additional natural gas to Europe and Turkey.

Azerbaijan is one of six former Soviet republics that are part of the Eastern Partnership program seeking to establish closer ties, including liberalized visa regimes, with the European Union.

(Sputnik)