Azerbaijan's role in diversifying energy supply sources becomes more important
Baku, Azerbaijan, June 3
By Aygun Badalova, Elmira Tariverdiyeva - Trend:
Europe needs to diversify its energy supply sources and Azerbaijan's role in this is becoming more important, Charles Hendry, former UK energy minister and former British trade envoy to Azerbaijan said.
Hendry made this statement at the 22nd International Caspian Oil and Gas Conference in Baku June 3.
Hendry said that the diversity is good for consumers, because it leads to competition and choice.
"Azerbaijan has been successful in encouraging international partners in development of its resources," Hendry said. "And it is not only about investments, but also about technical expertise that they bring. The country also created such legal framework for investors, where they feel confident to invest billions of money."
"Azerbaijan will provide the long-term energy security for Europe," he said. "TANAP is the greatest engineering project within the 21st century."
"It will enhance the energy security of the whole Europe", he said. "The cooperation is essential for such projects as TANAP and TAP."
The TANAP project envisages the transportation of gas of Azerbaijan's Shah Deniz field from the Georgian-Turkish border to the western borders of Turkey. TANAP's initial capacity is expected to reach 16 billion cubic meters of gas per year.
Around six billion cubic meters of this gas will be delivered to Turkey and the rest of the volume to Europe. Turkey will obtain gas in 2018. The gas will be supplied to Europe in early 2020 after the Trans Adriatic Pipeline (TAP) is constructed.
BP and the TANAP consortium signed March 13 a shareholder agreement, according to which BP will become one of the shareholders of TANAP. The agreement is one of the main documents for BP's ownership of a stake in the TANAP project.
Following the completion of a legal implementation procedure, TANAP's shareholders list will be as follows: SOCAR - 58 percent, Botas - 30 percent and BP - 12 percent.