Georgian PM to visit Azerbaijan

Azerbaijan Materials 16 December 2013 15:47 (UTC +04:00)
Georgian Prime Minister Irakli Garibashvili will visit Azerbaijan on Dec. 16-17.
Georgian PM to visit Azerbaijan

Tbilisi, Georgia, Dec. 16

By Nana Kirtzkhalia - Trend:

Georgian Prime Minister Irakli Garibashvili will visit Azerbaijan on Dec. 16-17.

During the visit Garibashvili will meet with Azerbaijani officials, according to the Georgian PM's press service.

The press service also said that on Dec. 17 Garibashvili will take part in the ceremony of signing of the document on the second stage of Azerbaijani Shah Deniz field's development.

The final investment decision on the project for the second stage of development of the Azerbaijani Shah Deniz gas and condensate field will be made on Dec. 17 in Baku.

The contract on development of the offshore Shah Deniz field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 25.5 percent, Statoil - 25.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent and SOCAR - 10 percent.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

The cost of the second phase of development of the Shah Deniz gas condensate field is estimated at $25 billion.

During the second phase of development it is planned to produce 16 billion cubic meters of gas, six billion of which will be transported to Turkey, and 10 billion cubic meters will be delivered to Europe.

In late June the consortium for Azerbaijani Shah Deniz field's development chose the Trans Adriatic Pipeline (TAP) as a route to transport its gas to European markets. The gas which will be produced in the second stage of the Shah Deniz field development is considered as the main source for TAP.

The initial capacity of TAP will stand at 10 billion cubic meters of gas per year, with a possibility of increasing it to 20 billion cubic meters per year. Trans Anatolian gas pipeline (TANAP) will be built for transportation of gas through Turkey, which will allow gas deliveries to the European border.

Translated by E.A.

Edited by C.N.