Baku, Azerbaijan, April 25
By Emin Aliyev - Trend:
The Czech Republic is interested in participating in the modernization of Azerbaijan's energy sector, according to the protocol signed on April 25 on the results of the second meeting of the bilateral intergovernmental commission on economic, scientific, technical and cultural cooperation.
During the meeting, the Azerbaijani side expressed readiness to consider the received proposals.
Additionally, Azerbaijan and the Czech Republic emphasized the need for cooperation in the sphere of alternative and renewable energy resources, bioenergetics and waste management.
The parties also agreed to expand and intensify the bilateral cooperation in the petrochemical industry and study the possibilities of cooperation in Southern Gas Corridor project.
The Southern Gas Corridor is a project that will allow Europe to diversify its sources of hydrocarbon supply and strengthen energy security and enable Azerbaijan to get a new market in Europe.
The final investment decision was made on the second phase of the Azerbaijani Shah Deniz offshore gas and condensate field's development on December 17, 2013. Gas from the field will go in the first instance to the European marketplace.
The gas to be produced within the second phase of the field's development will be exported to Turkey and to European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).
The contract for development of the Shah Deniz offshore field, which has proven reserves of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.
Participants in the Shah Deniz field development are the State Oil Company of Azerbaijan (SOCAR) with a share of 16.7 percent, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent), Turkish TPAO (nine percent).
Translated by L.Z.
Edited by C.N.