TAP, South European Gas Pipeline not to be rivals – Greek minister (UPDATE)

Details added, headline changed (first version posted on 12:10)

Baku, Azerbaijan, June 25
By Azad Hasanli - Trend:

The Trans-Atlantic Pipeline (TAP) and the South European Gas Pipeline won't compete with each other, Bloomberg reported June 25 citing Greek Energy Minister Panagiotis Lafazanis.

"Both pipelines will bring energy stability to Europe, both will have customers and both will be profitable for their owners," he said.

The South European Gas Pipeline will have annual capacity of 47 billion cubic meters of gas said the minister, adding that its construction will start in 2016, with completion scheduled for 2019.

The pipeline's section in Greece will employ around 20,000 people during its construction phase, according to Lafazanis.

The South European Gas Pipeline is the extension of the Turkish Stream gas pipeline. Greek-Russian joint venture on a parity basis will be created for the implementation of this project.

Turkish Stream envisages transportation of gas from Russia to Turkey through the Black Sea.

The pipeline's pumping capacity will be 63 billion cubic meters. The 1,100 kilometer-gas pipeline will consist of four branches and supply up to 49 billion cubic meters of gas to the Turkish-Greek border. A gas hub is expected to be created on the border between Turkey and Greece. The EU countries must independently create their own gas transportation facilities to receive this gas in their territories.

TAP project is a part of the Southern Gas Corridor that will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

As part of ensuring Azerbaijani gas supply to Europe, the 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 reserve is estimated at 1.2 trillion cubic meters of gas.

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.

---

Follow the author on Twitter: @AzadHasanli

Subscribe to Trend in Google News! Subscribe
Putin discusses results of meeting with President of Azerbaijan Ilham Aliyev and Prime Minister of Armenia Nikol Pashinyan with Security Council
Putin discusses results of meeting with President of Azerbaijan Ilham Aliyev and Prime Minister of Armenia Nikol Pashinyan with Security Council
Vladimir Putin announces agreement on unblocking transport corridors between Azerbaijan and Armenia
Vladimir Putin announces agreement on unblocking transport corridors between Azerbaijan and Armenia
Ban on import of Turkish building materials to Armenia to be lifted from 2022
Ban on import of Turkish building materials to Armenia to be lifted from 2022
Loading Bars
Latest
Oil prices rise on bets OPEC+ will hold off output hike
654 more COVID-19 cases reported in Kazakhstan
Israel discovers 1,900-year-old industry building, large cemetery
Global coalition seizes 145.3 tonnes of cocaine - Colombia's navy
Snowfalls, heavy rains and strong winds hit Italy and Spain
Eight Iraqi officers probing attack on PM arrested on charges of negligence
Biden urges calm over Omicron COVID-19 variant
Germany's SPD will announce its ministers next week
Messi wins The 2021 Ballon d'Or
Georgia’s electricity exports double
Wild winds in Turkey claim lives, close Bosphorus strait
Azerbaijan represented at III Pacific Alliance International Cooperation Forum
Iran top nuclear negotiator, Mora meet ahead of Vienna talks
Uzbekistan, Kyrgyzstan discuss creation of trade-logistics complexes in border areas
Twitter CEO Jack Dorsey to step down
Georgian delegation leaves for Brussels
Azerbaijani, Saudi Arabian foreign ministries hold consultations
Famous artist receives Azerbaijani citizenship
Azerbaijan holds expanded meeting of Operational Headquarters for Combating COVID-19 (PHOTO)
Azerbaijan approves COVID-19 certificates
Azerbaijan discloses state budget revenues through State Customs Committee
Volume of loans issued in Azerbaijan’s real estate sector increases
Price indexes of industrial, construction sectors at Uzbek stock exchange fall
Kazakhstan to build hybrid solar power station
Azerbaijan's foreign trade turnover increases in 10M2021
Some CSTO members’ congratulations to Azerbaijan show Armenia's insignificance in CSTO - analyst
Interest rates on consumer loans in Georgia increase
Uzbekistan starts construction of new branch of Gazli-Kagan gas pipeline
Kazakhstan eyes increasing container shipments
SOCAR projects increase in local manufacturing of fuel products from 2023
IRENEX shares data on sales of Bandar Imam Petrochemical Company
Turkmen Ministry of Textile extends tender for modernization of cotton-spinning factory
Snam to increase spending on energy transition activities
Iran eyes decrease in passenger transportation via Bandar Abbas International Airport
Turkmenistan becomes Uzbekistan’s second largest gasoline supplier
Azerbaijan adopts new state standard on farming activities
Azerbaijan Deposit Insurance Fund reveals number of loans of liquidated banks
Uzbek Statistics Committee shares data on import of cement
Azerbaijan rapidly continues construction of Barda-Aghdam highway (PHOTO)
Iran discloses details of its daily gasoline production
Snam reveals investment plans by 2024
Snam expects to achieve sustainable growth of main indicators in 2021-2025
Snam raises methane emissions reduction target
Azerbaijan’s economy minister talks projects submitted for country's industrial parks
New deputy ministers of Youth and Sports of Azerbaijan appointed
Georgia’s Partnership Fund to be renovated – minister
Iran resuming exports to Tajikistan through Turkmenistan's routes
SOCAR returns part of loans through its activities in Turkey
Issue of building railway, highway along Araz River resolved – Turkish President
Ankara is ready to take steps to normalize ties with Israel – Turkish President
Azerbaijan confirms 857 more COVID-19 cases, 1,091 recoveries
Iran’s Bahar Azadi gold coin price skyrockets
Azerbaijan shares data on number of vaccinated citizens
Number of Turkish citizens seeking jobs in Uzbekistan greatly increases
EV maker Phoenix Motors files for U.S. IPO
Turkmenistan pays special attention to boosting transport, transit communications - president
Kazakhstan's KMG Engineering to buy batteries via tender
Gulf bourses regain some ground after Omicron battering
Iran shares data on generation of Shahid Rajaee TPP
ADB to finance export projects of Turkmen SMEs
Data on new Omicron coronavirus strain analyzed by crisis center - Kremlin
Georgia sees increase in persimmon exports
Kazakhstan’s oil-producing company opens tender for equipment repair services
Portugal finds 13 cases of Omicron variant at Lisbon soccer club
Turkmenistan ready to provide its port facilities in Caspian Sea for ECO countries
Cargo transportation via Iran’s Ahvaz International Airport climbs
Israel's Partner Communications swings to Q3 profit
Foreign assets of Azerbaijan’s commercial banks increase in 10M2021
Civilian injured in mine explosion in Azerbaijan's Jabrayil district
Georgia expects slower monetary policy normalization pace – TBC Capital
SOCAR to optimize fuel production at Baku refinery based on international standards
Iran reveals COVID-19 data for November 29
Turkey reveals volume of cargo transshipped via its local ports in 10M2021
SOCAR expects progress on Heydar Aliyev Baku Oil Refinery reconstruction project by late 2021
Mortar and artillery units of Azerbaijani army hold live-fire tactical exercises (VIDEO)
Kazakhstan-Turkmenistan bilateral trade up for 9M2021
Weekly review of Azerbaijani oil market
Iran membership in ECO expands regional economic ties
Azerbaijani Economy Minister talks land allocated for Aghdam Industrial Park
Uzbek Central Bank notes growth in volume of non-performing loans
Russia detects 33,860 daily COVID-19 cases
Georgia’s tangerine exports double
Iran looks to use new methods to export crude oil, gas condensate
SOCAR Turkey announces time of making final decision on Merkury project
Price of apartments in Iran’s Tehran rising
Kazakhstan reports increase in cargo transport by air
National Bank of Georgia shares data on loans interest growth
Azerbaijan records growth in prices for hotel services - Hotels & Restaurants Association
Georgia’s GDP shows unprecedented growth – PM
Azerbaijan’s volume of loans issued to industry, manufacturing sector decreases
OPEC+ countries expected to adjust future plans at upcoming meeting - analyst
Azerbaijan’s SMBDA and "ASAN Radio" launch radio programs for entrepreneurs
Russia can fully increase oil production under OPEC+ deal - Deputy Prime Minister
Iran sees increase in exports via customs of Sistan & Baluchestan Province
Turkey discloses number of ships received at local ports in October 2021
Turkey discloses number of cars transshipped via local ports in 10M2021
Kazakhstan records decline in prices of several main food products
President Ilham Aliyev signs order to recall Consul General of Azerbaijan in Russia’s Yekaterinburg
Number of Turkish citizens seeking job in Turkmenistan grows for 10M2021
How will gas swap from Turkmenistan to Azerbaijan via Iran benefit participants?
All news