Europe remains SOCAR’s main gas sales market

Azerbaijan, Baku, Jan.27 / Trend A.Taghiyeva / Europe remains as the main gas sales market for the State Oil Company of Azerbaijan (SOCAR), Ihlas agency quotes the Company's head Rovnag Abdullayev as saying at the World Economic Forum in Davos on Friday. "There are many opportunities for Azerbaijani gas supplies to Europe. They include such projects as Nabucco, ITGI, TAP and TANAP," Mr Abdullayev said. These projects are part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. It is designed to diversify routes and sources of energy supplies thereby strengthening the EU's energy security. Gas produced within the second phase of the development of the Azerbaijani Shah Deniz gas condensate field is considered as a main source of gas supplies for these routes. Azerbaijan has major gas fields, and at present work is underway on the development of the new fields, Mr Abdullayev said. He also stressed that SOCAR is the major company not only in Azerbaijan, but also in the entire region. Earlier Azerbaijan and Turkey signed a Memorandum of Understanding to establish the consortium that will construct a gas pipeline to supply gas from the Azerbaijani Shah Deniz gas condensate field to Europe through the Turkish territory. The construction of the Trans Anadolu gas pipeline (TANAP) is required for the export of the most part of 50 billion cubic metres of gas that Azerbaijan intends to produce by 2025. The parties involved in the project intend to resolve all issues on this gas pipeline in 2012. They also plan to commence construction immediately to complete it by late 2017. The second stage of development of the Azerbaijani Shah Deniz gas condensate field will be launched by late 2017. Do you have any feedback? Contact our journalist at agency@trend.az