Baku, Azerbaijan, Feb. 29
Trend:
European Investment Bank is working closely with European Commission, the bank's official representative Massimo D'Eufemia said.
He made the remarks during the second Southern Gas Corridor Advisory Council Ministerial Meeting.
D'Eufemia said the European Investment Bank is attaching highest consideration to the timely realization of the Southern Gas Corridor.
"As all the participants have stated, this project is key infrastructure for the region and also for Europe," D'Eufemia said, adding that the Southern Gas Corridor will secure new energy sources to Europe, a well as announce new competition in the gas market.
Massimo D'Eufemia further said that during the last year, the European Investment Bank closely worked with both TANAP and TAP and is focusing its efforts on these two projects.
"We also want to assure that there will be EIB's long-term funds and resources for successful completion of these projects, and we're also considering to finance the other components of the Southern Gas Corridor," he said.
The Southern Gas Corridor project envisages transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian Sea to Europe through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.