Georgian PM: Azerbaijan is important participant of South corridor providing energy security to region’s countries and EU

Georgian PM: Azerbaijan is important participant of South corridor providing energy security to region’s countries and EU

Baku, Azerbaijan, Dec. 17
By Elmira Tariverdiyeva - Trend:

Considering hydrocarbon reserves, Azerbaijan has become a very important country in terms of addressing the energy security needs of all of the countries in the region and the EU, Georgian Prime Minister Irakli Garibashvili said at the signing ceremony of the final investment decision on the project of the second phase of the Shah Deniz gas condensate field development in Baku today.

"Georgia's location makes the country a transportation hub for the South Caucasus region and the key link together with Turkey as the shortest transport route between Europe and the Caspian region. I am convinced that this is just a start of long term and sustainable multilateral energy cooperation," Garibashvili said.

Garibashvili added that the next step should be targeted at the advancements of the Trans Caspian development and intensifying EU talks with other countries of the Caspian region.

"Recent development and common experience in the region during the last 20 years clearly demonstrates how it is important to create conditions necessary for effective cooperation and diversification of transport routes and hydrocarbon reserves," Garibashvili said.

As the Georgian Prime Minister said the success of large transportation projects planned within the South Energy corridor will be secured only by balance in the interests of consumers, transiting countries and producer countries.

The implementation of such important projects like Shah Deniz 2 will definitely bring stability, economic growth and prosperity to the participating states, promote the development of the region's market, increase flexibility and energy security.

"The project plays a decisive role in creating common energy policy for mutual advancement and success," the Georgian Prime Minister said.

The signing ceremony of the final investment decision on Shah Deniz-2 project has started in Baku today.

Azerbaijani President Ilham Aliyev, his spouse Mehriban Aliyeva, the heads of several countries and governments attend the event.

Shah Deniz-2 project authorization means the transition of the project from the concept into an immediate implementation stage.

The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.

Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, SOCAR - 16.7 percent.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

The cost of the second phase of development of Shah Deniz gas condensate field is estimated at $25 billion.

Within the second phase of development it is planned to produce some 16 billion cubic meters of gas (within the first phase - 9 billion), six billion of which will be transported to Turkey and ten billion to Europe.

Translated by M.L.
Edited by C.N.

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