Today.Az » Business » SOCAR: Southern Gas Corridor to connect 7 countries with several 12 different investors
04 August 2018 [11:02] - Today.Az
The Southern Gas Corridor, which envisages transportation of Azerbaijani gas to Europe, will connect seven countries with several 12 different investors, Vice President of Azerbaijan’s state oil company SOCAR for Investment and Marketing Elshad Nasirov said during the John Batchelor Radio Show.
“Now we are very close to construction of one of the biggest and one of the most expensive, if not the most expensive energy projects in the world, which is called Southern Gas Corridor that will connect seven countries with several 12 different investors and 12 different buyers along the way,” he said.
Nasirov pointed out that this will be first pipeline connecting the Caspian region with its huge energy resources to consumers in the European Union.
“That is of course very important for the EU to find an alternative source and it is as important as for those who are producing oil and gas in the landlocked countries to find a way to transport their products to consumers,” he said.
Further, Nasirov said it is very important that the US President Donald Trump supported the construction of the Trans Adriatic Pipeline (TAP), the final leg of the Southern Gas Corridor, during the meeting with Italian Prime Minister Giuseppe Conte in Washington.
A ceremony to launch Phase 0 of TANAP took place June 12 in the Turkish city of Eskisehir.
TANAP, together with Trans-Adriatic Pipeline (TAP), is a part of the Southern Gas Corridor, which provides for the transportation of gas from the Azerbaijani field Shah Deniz to Europe.
The initial capacity of TANAP is expected to be 16 billion cubic meters of gas per year. About six billion cubic meters will be supplied to Turkey, and the rest to Europe. After completion of the TAP, the gas will reach Europe in early 2020.
The share distribution in TANAP is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, and BP - 12 percent.
The launching ceremony of the first stage of the Southern Gas Corridor project was held in Baku on May 29.
The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.
The Southern Gas Corridor, which costs more than $40 billion, is one of the priority projects for the EU and provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.