Greece and Azerbaijan Preparing for Signing in Baku a Memo on Cooperation in Oil and Gas Sector
Azerbaijan, Baku / corr Trend I.Khalilova / A Greek delegation led by Dimitris Sioufas, the Greek Minister for Economic Development, is to visit Azerbaijan on 1 August, the Azerbaijani Government said. During the visit it is planned to sign a Memorandum on Cooperation with Azerbaijan in the oil and gas sector.
Greece and Azerbaijan have signed, in Athens, a protocol of cooperation to strengthen broader economic and trade relations between the two countries.
The protocol was signed within the first meeting of the Azerbaijani-Greek Inter-Governmental Commission for Economic co-operation which took place in Greece. The protocol put an accent on the importance of the Turkey-Greece-Italy pipeline that will transmit Azeri natural gas to Western Europe.
The State Oil Company of Azerbaijan (SOCAR) has already highlighted its plans to transport its gas to Greece this year. The SOCAR President, Rovnak Abdullayev, said that according to the contract between Turkey and Greece, nearly 800 mln cu.m of gas will be transported to Greece this year. SOCAR has expressed its wish to transport half of this volume to Greece.
According to the contract between Turkey and Greece, the cost of the gas is $149 per 1,000 cu.m.
The commissioning of the gas pipeline, which will deliver natural gas from the Shah Deniz field to Greece and Italy via Turkey, is scheduled for 15 September.
On 26 July Italy, Turkey and Greece signed an agreement on constructing a pipeline section which was to connect Turkey with Greece and to function at the end August. Work over the construction of the pipeline section between Italy and Greece was to launch in 2008.