Details added (first version posted at 13:10)
Baku, Azerbaijan, Feb. 29
By Azad Hasanli - Trend:
Azerbaijan is fully committed to funding obligations as part of the Southern Gas Corridor (SGC), said Afgan Isayev, chief executive director at the Southern Gas Corridor CJSC.
Isayev made the remarks at the second meeting of the Southern Gas Corridor Advisory Council in Baku on Feb. 29.
"We are now in talks with prominent financial institutions, which are present here in terms of financing some sub-projects included in the Southern Gas Corridor," he added.
He noted that despite the global economic challenges faced by commodity exporting countries, the economy of Azerbaijan continues to be resuming.
Isayev said that economic diversification remains core policy objective and new reforms will spear the continuing development of the non-oil sector.
"The government will continue to announce new reforms in this area," he added.
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.