BAKU, Azerbaijan, Jan. 9
By Anastasia Savchenko - Trend:
The UK, as an important partner of Azerbaijan in the energy sector, has invested $28.4 billion in Azerbaijan's economy to date, Azerbaijan’s Energy Minister Parviz Shahbazov told Trend.
The minister said that as a result of Azerbaijan’s partnership with BP, the share of UK investments in Azerbaijan’s oil sector amounted to about $26.5 billion.
“Azerbaijan’s cooperation with the UK, in particular with BP, has played an important role in the implementation of large-scale energy projects,” Shahbazov added.
The minister noted that the ongoing project, the Southern Gas Corridor, beginning from this year will make significant contribution to Europe’s energy security.
“Projects regarding the second stage of development of Azeri-Chirag-Guneshli (ACG), Shafag Asiman fields, Block D-230, as well as the shallow part of the Absheron peninsula will ensure the development of cooperation at least until the middle of the century,” Shahbazov added.
The Southern Gas Corridor project aims to increase and diversify European energy supply by bringing gas resources from the Caspian Sea to markets in Europe.
The Southern Gas Corridor comprises the following four projects: (i) operation of Shah Deniz natural gas-condensate field ("SD1" project) and its full-field development ("SD2'" project), (ii) the operation of the South Caucasus Pipeline ("SCP" project) and its expansion ("SCPX" project), (iii) the construction of the Trans-Anatolian Natural Gas Pipeline ("TANAP" project) and (iv) the construction of the Trans Adriatic Pipeline ("TAP" project) (SD2, SCPX, TANAP and TAP collectively, the "Projects").