BAKU, Azerbaijan, February 15. Azerbaijan provides an energy source that signifies diversification and security, said US Ambassador to Azerbaijan Mark Libby during today's press conference, Trend reports.
"Europe and other allies want to minimize their dependency on
Russian gas, and Azerbaijan supplies a source that represents
diversification and security via that diversification.
There is a lot of work to be done to extend the current
infrastructure, notably in terms of Azerbaijan's role in
facilitating the transit of energy resources from central Asia.
Green and renewable energy sources, such as wind and hydrogen
power, show potential, demanding investment, legal changes, and
strategic planning—all areas where the US government and commercial
sector may engage with Azerbaijan," the ambassador said.
The transportation of Azerbaijani gas to Europe through the Southern Gas Corridor (SGC) commenced on December 31, 2020. Gas from the Caspian Sea region is conveyed to European countries through Georgia and Türkiye.
This extensive project aims to diversify energy supply routes and sources, bolstering Europe's energy security. The project's cost was $33 billion, with a forecasted cost of $45 billion. Anticipated capital expenditures for the SGC project are expected to be fully recouped within 8-10 years.