SGC to be of strategic importance for South-Eastern Europe (PHOTO) (UPDATE)

Baku, Azerbaijan, June 13

By Maksim Tsurkov - Trend:

The Southern Gas Corridor (SGC) will be of strategic importance for the whole South-Eastern Europe, Deputy Minister of Energy of Azerbaijan Samir Veliyev said at the international conference titled "Southern Gas Corridor and Energy Security of South-Eastern Europe" in Baku June 13.

He noted that the SGC project is a great achievement and contribution of Azerbaijan to the energy security of Europe.

"This global project to diversify Europe's energy supply has already become a reality. The inaugurations of the first stage of the Southern Gas Corridor in Baku on May 29 and the Trans-Anatolian Pipeline (TANAP) yesterday in Eskisehir were held at the highest level. This project, implemented by the initiative and under the leadership of Azerbaijan, demonstrates the prestige of the country," Veliyev said.

He noted that the project became possible thanks to the cooperation with neighboring countries and international partners, which fulfill all their obligations.

"Work on the project started in the period of low oil prices and the global economic crisis, but no difficulties arose with its implementation. The fact that international financial institutions provided funding has become a proof of high appraisal of the project. The work is still going on according to the schedule, based on which the Azerbaijani gas will reach Europe in 2020," Veliyev said.

He also noted the presence of great political support to the Southern Gas Corridor project.

"All participants of the project will eventually receive political, economic and other dividends, and will ensure their energy security. The Southern Gas Corridor will be of strategic importance for the entire region of South-Eastern Europe. It will not only meet the demand for gas in the region, but also contribute to the diversification of sources, as well as stimulate more environmentally friendly production. It has great prospects, taking into account the construction of the Greece-Bulgaria and Bulgaria-Serbia interconnectors, the IAP pipeline in terms of the creation of a new gas transportation system and gas facilities throughout the Balkan Peninsula," Veliyev said.

A ceremony to launch TANAP took place June 12 in the Turkish city of Eskisehir. TANAP, together with Trans-Adriatic Pipeline (TAP), is a part of the Southern Gas Corridor, which provides for the transportation of gas from the Azerbaijani field Shah Deniz to Europe.

The initial capacity of TANAP is expected to be 16 billion cubic meters of gas per year. About six billion cubic meters will be supplied to Turkey, and the rest to Europe. After completion of the TAP, the gas will reach Europe in early 2020.

The share distribution in TANAP is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, and BP - 12 percent.

The launching ceremony of the first stage of the Southern Gas Corridor project was held in Baku on May 29.

The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.

The Southern Gas Corridor, which costs more than $40 billion, is one of the priority projects for the EU and provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.

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Follow the author on Twitter: @MTsurkovTrend

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