Georgia expects more investments from Azerbaijan, Turkey within joint projects

Georgia expects more investments from Azerbaijan, Turkey within joint projects

Tbilisi, Georgia, May 6

By Nana Kirtzkhalia - Trend:

Georgia expects more investments from Azerbaijan and Turkey as part of the joint regional projects, Georgian Deputy Prime Minister, Minister of Energy Kakha Kaladze told Trend on May 6.

He was commenting on the Tbilisi Summit 2014 opening ceremony with the participation of the presidents of Azerbaijan, Georgia and Turkey.

"We are on the verge of implementing the big Shah Deniz-2 energy project, which is another opportunity for realizing our country's transit potential," he said.

"The implementation of the Baku-Tbilisi-Kars railway communication project is under completion," he said.

"It will give a new impetus to the development of the regional economy."

"We expect that the forum will more promote integration of the three countries in the economic sphere, which will increase the welfare of our people," the minister added.

It is planned to construct a new 105-kilometre railroad branch line within the Baku-Tbilisi-Kars project.

Aside from that, the Akhalkalaki-Tbilisi-Marabda railway section will be reconstructed in Georgia, increasing its capacity to 15 million tons of cargo per year.

It is also planned to build a station in Akhalkalaki for transition of trains from rail tracks in Georgia to the European ones.

The corridor's peak capacity will be 17 million tons of cargo per year. At the initial stage this figure will stand at one million passengers and 6.5 million tons of cargo.

"The meeting of the leaders of the three countries contributes to the regional security strengthening, especially taking into account the general critical background," Georgian State Minister on European and Euro-Atlantic Integration Alexi Petriashvili told Trend.

"The presidents of Azerbaijan, Turkey and Georgia will discuss the regional security issues," he added. "I think that these meetings contribute to the stability strengthening in the region, which is very important in this case."

The final investment decision was made on the second phase of the Azerbaijani Shah Deniz offshore gas and condensate field's development on December 17, 2013. Some 10 billion cubic meters of gas from the field will be supplied to the European market.

The gas which will be produced within the second phase of the field's development, is to be exported to Turkey and to European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).

The contract for development of the Shah Deniz offshore field, which has proven reserves of 1.2 trillion cubic meters of gas, was signed on June 4, 1996.

Participants in the Shah Deniz field development are the State Oil Company of Azerbaijan (SOCAR) with a share of 16.7 percent, British BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent), Turkish TPAO (9 percent).

Translated by NH
Edited by S.I.

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