European Commission proposes Turkey to upgrade energy co-op
Baku, Azerbaijan, Feb.12
By Azad Hasanli - Trend:
The European Commission has proposed Turkey to upgrade cooperation through launching high-level energy dialogue, Vice President of the European Commission, Maros Sefcovic tweeted on Feb.12.
The agreement was reached during the meeting with Turkish Minister of Energy and Natural Resources Taner Yildiz before the first meeting of the Advisory Council of the Southern Gas Corridor that kicked off in Baku on Feb.12.
Sefcovic added that the negotiations will start soon.
The meeting will focus on the possible problems in the implementation of the project and the needed solutions will be found together with the participating companies.
The meeting is being attended by Italian Deputy State Secretary for Economic Development Claudio de Vincenti, energy ministers of Greece, Georgia and Bulgaria, Panagiotis Lafazanis, Kakha Kaladze and Temenujka Petkova, as well as the Vice President of the European Commission, Maros Sefcovic.
Representatives of all transit countries of the Southern Gas Corridor (Georgia, Turkey, Greece, Italy, Albania and Bulgaria) have been invited to participate in the meeting.
Southern Gas Corridor is one of the priority energy projects for EU. This project is aimed at diversification of routes and sources of energy supply and thereby increase EU's energy security.
The Southern Gas Corridor envisages the delivery of gas from Azerbaijan's Shah Deniz gas condensate field to Europe.
A final investment decision was made on Dec.17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters), while six billion cubic meters of gas will be annually delivered to Turkey.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's proven reserve is equal to 1.2 trillion cubic meters of gas and 240 million metric tons of condensate.
As part of the second stage of the field's development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.
Edited by SI
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