Southern Gas Corridor - form of true diversification of Europe’s energy security (UPDATE)

Headline changed, details added (first version posted on 17:23)

Baku, Azerbaijan Feb.29
By Azad Hasanli - Trend:

The Southern Gas Corridor project is a form of true diversification of Europe's energy security, said the Special Envoy and Coordinator for International Energy Affairs of the US State Department Amos Hochstein.

He made the remarks during the press conference following the second meeting of the Southern Gas Corridor Advisory Council in Baku Feb. 29.

While there are announcements from the companies of the energy sector under thousand of hundred billions of dollars of capital expenditures reductions, the private and government sectors confirm commitment to continue the Southern Gas Corridor project, said Hochstein.

"That is a strong statement of importance of this project that is going to be completed on time in this environment of the energy markets," he added.

"The only way to resolve the energy security is through diversification," he said. "More projects that simply bring the same gas from the same fields to the same consumers, although through a new pipe, will not contribute to energy security."

"That is why I am thinking it is better for consumers in Europe to focus on funding new coursers of gas rather than discussing ideas that simply bring the same gas," Hochstein said.

For every project, it is important to look if it is a political project or economic project, according to the US State Department's special envoy.

The South Stream, Turkish Stream, Nord Stream are simply restating political projects that have questionable economic value, especially in this market conditions, he added.

The Southern Gas Corridor is one of the priority energy projects for EU. It 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.

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