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Turkish energy minister heads to Baku

16 December 2013 [16:05] - TODAY.AZ
By AzerNews

Turkish Minister of Energy and Natural Resources Taner Y?ld?z is expected to visit Azerbaijan's capital Baku, AzerTag state news agency reported.

The minister will visit the country to attend a ceremony on finalizing an investment decision on the second stage of development of Azerbaijan's giant Shah Deniz gas condensate field in the Caspian Sea.

The event is planned to be held on December 17. 39 documents are expected to be signed within the final investment decision.

Oettinger will visit the country to attend a ceremony on finalizing an investment decision on the second stage of development of Azerbaijan's giant Shah Deniz gas condensate field in the Caspian Sea, which is expected to take place on December 17.

European Commissioner for Energy Gunther Oettinger and British Foreign Secretary William Hague will also pay a visit to Azerbaijan to attend the signing ceremony.

Gas which will be produced within the second stage of Azerbaijan's Shah Deniz field development will be the main source for the Southern Gas Corridor, which envisages the transportation of Caspian gas to European markets.

In late June, the Shah Deniz consortium announced the selection of TAP as the main route for transporting its gas to Europe. Another pipeline which was vying for Azerbaijani gas transportation to Europe was Nabucco West.

The gas condensate reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters. According to forecasts, gas production can be brought up to 24 billion cubic meters per year as part of the second stage of the field development.

The Azerbaijani gas will become an alternative supply source for Turkey and Europe, and will increase competition in regional and European markets.
URL: http://www.today.az/news/business/129163.html

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