BAKU, Azerbaijan, Feb.3. Additional gas reserves and sources are needed to increase gas supplies to Europe, said Türkiye’s minister of energy and natural resources Fatih Donmez, addressing the ministerial meeting of the Southern Gas Corridor Advisory Council held in Baku Feb.3.
“TANAP is a bright example of our cooperation and the major part of the Southern Gas Corridor. This project’s implementation proves that a common goal may bring countries together. All these large-scale projects are implemented effectively in close cooperation. Implementation of the Southern Gas Corridor and start of commercial gas flows to Europe is especially important step towards reaching that goal. We need additional reserves and sources to boost gas supplies. In this regard, we’re ready to expand cooperation with Azerbaijan and Turkmenistan for the prosperity of our region,” he noted.
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 24.5 billion cubic meters.
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