Cost of projects for supplying Azerbaijani gas to Europe estimated at $48B

Cost of projects for supplying Azerbaijani gas to Europe estimated at $48B

Baku, Azerbaijan, Dec.9

By Emil Ismayilov - Trend:

The volume of investments in the implementation of projects envisaging the supply of Azerbaijani gas to Europe will be brought to $45-$48 billion, President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said on Dec.8.

He made the remarks during the event dedicated to the presentation of state awards to the oil and gas industry workers.

He said these investments will cover the projects of the Stage 2 of development of Shah Deniz gas condensate field, expansion of the South Caucasus pipeline, as well as the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.

The TANAP project envisages gas transportation from Azerbaijan's Shah Deniz field to Europe through Turkey.

The initial capacity of TANAP is expected to reach 16 billion cubic meters of gas per year.

Around six billion cubic meters of the total volume of gas to be produced as part of the Stage 2 of development of the Shah Deniz field will be delivered to Turkey and 10 billion cubic meters to Europe per year.

Gas will be delivered to Turkey in 2018 and after the completion of construction of TAP, gas will be delivered to Europe roughly in early 2020.

A final investment decision was made on December 17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development.

Abdullayev said SOCAR will also continue the implementation of the projects for construction of an oil refinery, container port in Turkey and the construction of a new power plant will start in late 2014 and early 2015.

In total, SOCAR's investments in Turkey will reach $20 billion.

To date, Azerbaijan has invested up to $5 billion in Turkey's economy.

Abdullayev said SOCAR intends to continue the work in Azerbaijan as well. It will continue the work on increasing the volume of oil and gas production, reconstruction of Baku Oil Refinery named after Heydar Aliyev (the cost of the project is estimated at nearly 1 billion AZN), construction of a new gas processing plant and gas chemical plant with the total cost of $8 billion.

SOCAR president added that a plant for urea production will be commissioned in Azerbaijan in 2017.

Edited by CN

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Emil Ismayilov is Trend Agency's staff journalist, follow him on Twitter: @Emilsmail

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