TODAY.AZ / Analytics

Azerbaijan to strengthen its position in world as important energy partner

29 January 2014 [13:45] - TODAY.AZ
Construction of the Trans-Anatolian (TANAP) and the Trans Adriatic (TAP) gas pipelines and export of Azerbaijani gas from the Shah Deniz to the European market will give a new impetus to the economic development of Azerbaijan, the CEO of SOCAR Romania, Hamza Karimov said in an interview with SOCAR Plus magazine.

"Connecting the TAP pipeline with the new TANAP pipeline, which will be built between Azerbaijan and Turkey, as well as direct transportation of Azerbaijani gas to European markets starting from 2019, will give a new impetus to the economic development of our country, strengthen Azerbaijan's position as an important energy partner in the world," Karimov stressed.

Karimov also said that it is often emphasized that in the future, with the start of gas production in other fields and structures of Azerbaijan other alternative routes for gas supplies, which will run through the territory of Romania, can also be considered.

Gas within the second stage of development of the field will be exported to Turkey and the European markets by expanding the South Caucasus gas pipeline and construction of the Trans-Anatolian and Trans-Adriatic (TAP) gas pipelines.

Within the Shah Deniz project, annual production of gas will increase from nine billion cubic meters in the first phase to additional 16 billion cubic meters in the second phase.

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.

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

The cost of the second stage of Shah Deniz development is estimated at $25 billion.



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