Azerbaijan, Baku, July 1 / Trend A. Badalova /
European trader EGL intends to increase its gas portfolio at the expense of Azerbaijani gas. A representative office of this Swiss company was opened in Baku.
"Natural gas from Azerbaijan is an ideal complement in EGL's procurement portfolio alongside Russian and Iranian natural gas. With the planned additional natural gas from Azerbaijan, the Swiss energy trading company also supports the EU goals to increase supply security and diversification of supply sources," a message said.
EGL representation is registered in Baku in May. Representative of the company in Azerbaijan is Markus Brokhof, Head of the Gas Supply & SEE division and Member of Executive Management.
EGL sees Azerbaijan as a sustainable and dependable provider for natural gas supply in Europe.
"Hence, the long-term goal is to transport natural gas from the Shah Deniz gas field in Azerbaijan through the planned Trans Adriatic Pipeline (TAP) to Italy, where it will be used to fuel EGL's gas-fired combined-cycle power plants," Brokhof said.
However, until natural gas from Azerbaijan flows through the TAP to Italy, a number of business decisions are necessary to close the value added chain.
Brokhof said that the memorandum of understanding in the gas industry signed in June between Azerbaijan and Turkey represents the starting shot for negotiations on gas deliveries from Azerbaijan.
EGL was founded in 1956. It sells gas and electricity. The company is one of TAP three shareholders, which envisages the transportation of gas from the Caspian region and the Middle East to Europe. The company's share in the project is 42.5 percent.
Trans Adriatic Pipeline will begin in Greece. It will pass through the territory of Albania and the Adriatic Sea later to Italy. The pipeline includes a 115-kilometer underwater section from Albania to Italy. Estimated cost of the project pipeline will hit $2.2 billion. The initial capacity of pipeline is 10 billion cubic meters a year, maximal - 20 billion. The length of the pipeline is 520 kilometers.
EGL gas department head Thomas Hesselbarth said that TAP will ensure the interests of producers and consumers of natural gas and expand the export potential of the "Southern Corridor".