Commerzbank may participate in Azerbaijani gas transportation projects to Europe

Oil&Gas Materials 19 November 2012 13:58 (UTC +04:00)

Azerbaijan, Baku, Nov. 19 / Trend A. Akhundov /

German Commerzbank may participate in financing projects to transport Azerbaijani gas to Europe as a case of necessity, head of a representative office of the bank in Azerbaijan Johann Engbrecht told Trend on Monday.

"We will be ready to participate in financing the Trans-Anatolian gas pipeline (TANAP) and other projects of Azerbaijani gas transportation in the case of necessity in investments," he said. "However, the issue has not been touched upon yet."

He added that Commerzbank is involved in similar projects and has a good record.

"For example, the bank invested in the North Stream project which is the main gas pipeline between Russia and Germany stretching along the bottom of the Baltic Sea," he added.

Azerbaijan and Turkey signed a memorandum of understanding to establish a consortium that will build a gas pipeline to supply gas from the Shah Deniz field to Europe through Turkey.
It is necessary to construct the TANAP gas pipeline to export the most part of the 50 billion cubic meters of gas that Azerbaijan intends to produce by 2025.

Gas which will be produced during the second stage of the Azerbaijani Shah Deniz field development which is considered as the main source for the Southern Gas Corridor projects including Nabucco and TAP.

The final decision on a pipeline route will be made in 2013.