Baku to host 9th meeting of Southern Gas Corridor Advisory Council

Oil&Gas Materials 25 January 2023 12:22 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
Read more

BAKU, Azerbaijan, Jan.25. Baku will host the 9th meeting of the Southern Gas Corridor Advisory Council on February 3, the Azerbaijani Ministry of Energy told Trend.

The first meeting of the Southern Gas Corridor Advisory Council was held on February 12, 2015, the second meeting - on February 29, 2016, the third meeting - on February 23, 2017, the fourth meeting - on February 15, 2018, the fifth meeting - on February 20, 2019, the sixth meeting – on February 28, 2020, the seventh meeting – on February 11, 2021 and the eighth meeting was held on February 4, 2022.

Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports of gas from the Caspian Sea region to European countries through Georgia and Türkiye.

This large-scale project is aimed at diversification of energy supply routes and sources, thereby contributing to strengthening Europe’s energy security. The project’s cost totaled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8-10 years.

Azerbaijan's export of natural gas to European Union market will stand at 11.6 billion cubic meters as of 2023. Total export of natural gas from Azerbaijan this year will be almost 24 billion cubic meters.

Follow the author on Twitter: @Lyaman_Zeyn