ITGI needs final decision on development of Azerbaijani Shah Deniz field
Azerbaijan, Baku, September 15 /Trend, E.Ismayilov/
The ITGI Pipeline Project (Turkey-Greece-Italy) could be operational by 2015, the CEO of IGI Poseidon SA, Elio Ruggeri, said in Baku on Wednesday.
IGI Poseidon SA was established by Italy's Edison Company and Greece's Depa Company for the design and construction of the Greece-Italy pipeline known as Poseidon.
However, according to Ruggeri, alongside Poseidon, the deadline to begin developing the second stage of Shah Deniz gas-condensate field in Azerbaijani sector of the Caspian Sea must be met.
"In principle, if the time schedule is implemented, then by 2015 we can already reach the operational phase of activity. But at the same time, we need to meet deadlines of developing Shah Deniz field," he said.
Currently, the project expects gas from the Shah Deniz field because the gas from the field is already supplied to Turkey.
According to Ruggeri, the Caspian region has large volumes of gas resources, but Shah Deniz is the only field from which resources are supplied to European markets.
Increasing volumes of gas means the sourcing supply of gas from Turkmenistan and Iran. Their delivery to the European market requires a large project such as the Nabucco pipeline. According to Ruggeri, the ITGI pipeline focuses on medium volume and this is the most profitable gas supply project from the Turkish border to European markets. Maximum capacity of this pipeline is 12 billion cubic meters.
Ruggeri also noted that ITGI involves not only the supply of gas to Greece and Italy, but also to other European markets.
He said according to forecasts, gas consumption in Europe by 2020 should grow to 600-650 billion cubic meters, while the deficit will total 150 billion cubic meters. Therefore, the implementation of new gas supply projects is necessary.
The ITGI pipeline is one of the projects under the Southern Corridor involving the supply of gas from the Caspian region and the Middle East to the EU countries. The main source of supply for the Southern Corridor project is Azerbaijan, particularly the gas to be produced within the second stage of the Shah Deniz field.