Greece pays off 60 percent of gas debt to Turkey
Azerbaijan, Baku, Nov.3 / Trend, A. Taghiyeva /
Greece has paid off gas debt to Turkey in the amount of $172 million of total debt worth $300 million, the Sabah newspaper reported on Thursday. The debt was formed within two years for sale of the Azerbaijani gas to Greek DEPA national gas company.
Turkey imports Azerbaijani gas sourced from the first phase of the Shah Deniz field development. At present, Greece imports 750 million cubic metres of re-exported Azerbaijani gas from Turkey.
Reserves of the Shah Deniz field are estimated at 1.2 trillion cubic metres of gas. Another six billion cubic metres will be delivered to Turkey in addition to 6.6 billion cubic metres within the Shah Deniz first stage of development.
The contract to develop the offshore Shah Deniz field was signed June 4, 1996. Participants in the agreement are: BP (operator) - 25.5 percent, Statoil Hydro - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, SOCAR-10 percent.