Greece tries to improve its financial situation at expense of energy projects

Greece tries to improve its financial situation at expense of energy projects

Baku, Azerbaijan, July 3

By Aygun Badalova - Trend:

Greece, which is currently experiencing a serious crisis, is trying to find every opportunity to improve its financial situation, in particular by using the energy projects that it participates in, director of the Russian National Energy Institute Sergey Pravosudov told Trend.

He said that Greece's possible leaving the European Union will not affect its obligations under signed agreements on energy projects. However, in his view, Greece will try to initiate a review of these agreements.

"Probably, they will initiate a review of these agreements, but I don't think it will be linked with Greece's possible withdrawal from the EU," said Pravosudov.

On June 28, creditors refused to grant a deferring of payments on the IMF loans to Greece and refused to renew the international program of financial assistance to the country for the third time without the agreement on the Greek reforms program.

This may result in withdrawal of Greece from the euro zone, which will become a serious blow not only to the single European currency, but also have a negative impact on the world economy as a whole.

Earlier, Turkey stated that it is ready to render financial support to Greece. Turkish Prime Minister Ahmet Davutoglu said that stability in Greece is important for Turkey.

"Turkey's desire, in particular, is based on the energy projects," Pravosudov said. "These are the Trans Adriatic Pipeline (TAP) and Turkish Stream. Both countries are participants there."

"Turkey is turning into a very large gas transportation hub now," he said. "TAP and Turkish Stream are connected with Turkey and eventually they reach Greece. Everything is somehow connected here."

"Moreover, Turkey and Greece have many other partially resolved issues," he added.

Greece is one of the countries through which TAP being implemented as part of the Southern Gas Corridor will stretch. TAP is currently the only project that will soon provide the EU countries with alternative sources and a gas supply route.

Gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz gas and condensate field is the initial source for the project.

Greece has signed a number of both political and technical agreements within this project. The governmental agreement between Greece and the TAP consortium, as well as the intergovernmental agreement on construction of TAP that was signed and then ratified by Albania, Italy and Greece are among such documents. The country will receive 1 billion cubic meters of gas per year within the contracts signed with Azerbaijan.

Despite the remarks regarding the commitment to the implementation of this project, the new government in Greece periodically hinted that it would like to get more benefits from the gas transit through the country's territory.

Nevertheless, TAP consortium stated that Greek government fully supports the TAP project and the project for construction of Greek section of the pipeline (545 kilometers) is being implemented on schedule.

Edited by SI

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Follow the author on Twitter: @AygunBadalova

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