PM: Southern gas corridor opens new possibility for Bulgaria
Baku, Azerbaijan, Dec. 17
By Seymur Aliyev - Trend:
Southern gas corridor opens new possibility for Bulgaria, Bulgarian Prime Minister Plamen Oresharski 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.
"The ceremony marks the start of construction of the South gas corridor which opens new possibility for my country. TAP will pass close to Bulgaria which is also a good opportunity for diversification of gas supply," Oresharski said.
Bulgarian Prime Minister also thanked Azerbaijani President Ilham Aliyev for the invitation to attend this ceremony and wish him successful work of the pipeline.
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.
The consortium of Azerbaijani Shah Deniz gas condensate field development announced its choice of the TAP project in late June, as a gas transportation route to the European markets.
The initial capacity of the TAP pipeline will be 10 billion cubic meters per year with the possibility of expanding to 20 billion cubic meters per year.
Trans-Anatolian (TANAP) gas pipeline will be constructed for transportation of gas through Turkey's territory.