Breaking News

Asia Today ISSN 1861-4604 Tuesday, March 28, 2017

Headline

Natig Aliyev: SGC project cost not to exceed $40B

No problems with financing

Share on Facebook February 23, 2017, Reporter : Trend, Reader : 80

news

Baku, Azerbaijan, Feb. 23 By Maksim Tsurkov – Trend: Total cost of the Southern Gas Corridor (SGC) project after its implementation will not exceed $40 billion, said Azerbaijan’s Energy Minister Natig Aliyev.

He made the remarks at a press conference held after the SGC Advisory Council’s Third Ministerial Meeting that kicked off in Baku Feb. 23.

“There are no problems with financing,” noted the minister.

“Initially, the project’s cost was estimated at $45 billion, but due to the current situation in the market, it will not exceed $40 billion,” he said. “This is related to the situation in global oil markets.”

Aliyev also said that all financial institutions taking part in the Southern Gas Corridor (SGC) Advisory Council’s Third Ministerial Meeting once again expressed their commitment to the project.

“This meeting stands out among others by the fact that absolutely all the parties, who received invitations, have agreed to participate in it,” noted the minister. “This proves the importance of the Southern Gas Corridor.”

The attention of all Europe is focused on this project and Azerbaijan, said Aliyev.

The minister also noted that the number of the SGC countries may increase.

“The Interconnector Greece-Bulgaria (IGB) will be ready in late 2019. Bulgaria and Romania have already linked their gas networks. Montenegro, Albania, Bosnia and Herzegovina are actively working on the Ionian-Adriatic Pipeline (IAP) project,” said Natig Aliyev, adding that all this is creating new prospects for Azerbaijani gas.

IAP is a proposed natural gas pipeline in Southeastern Europe that will stretch from Albania through Montenegro, and Bosnia and Herzegovina, to Split in Croatia. It will be connected with the Trans Adriatic Pipeline (TAP).

IAP will provide deliveries of Azerbaijani gas to several countries of Southeastern Europe. The capacity of the pipeline will amount to 5 billion cubic meters of gas per year.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to the Trans Adriatic Pipeline via which gas from the Shah Deniz field will be delivered to the European markets.

Southern Gas Corridor envisages transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region to Europe via Georgia and Turkey.

The gas will be exported through expansion of the South Caucasus Pipeline and the construction of the Trans Anatolian Natural Gas Pipeline and the Trans Adriatic Pipeline.

More Euro Asia news of the month

Photos Armenia left no chances to positively assess Karabakh issue settlement: FM

Baku, Azerbaijan, Feb. 24 By Seba Aghayeva – Trend: Azerbaijan’s Foreign Minister Elmar Mammadyarov says he intends to...

Photos Mehriban Aliyeva appointed as Azerbaijani first vice-president

Baku, Azerbaijan, Feb. 21 Trend: President of the Heydar Aliyev Foundation, UNESCO and ISESCO Goodwill Ambassador, MP Mehriban Aliyeva...

Photos Azerbaijan makes over $120B from biggest oil project

Baku, Azerbaijan, Feb. 12 By Maksim Tsurkov – Trend: Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project of...

Photos No foreign attorney for Blogger Lapshin

Baku, Azerbaijan, Feb. 9 By Samir Ali – Trend: Blogger Alexander Lapshin, extradited to Azerbaijan on Feb. 7, can not be...

Photos EU aims at developing ties with Azerbaijan

Baku, Azerbaijan, Jan. 30 By Anakhanum Hidayatova – Trend: Christian Danielsson, director general for neighbourhood and...

Photos EU to finance big project on e-trade in Azerbaijan

Baku, Azerbaijan, Jan. 22 By Huseyn Veliyev – Trend: The European Commission intends to finance Azerbaijan’s projects...

Photos Azerbaijan urges int’l organizations to help return soldier’s body

Baku, Azerbaijan, Jan. 6 Trend: Azerbaijan has urged international organizations to stop Armenia’s inhumane activity, take the...

Photos President Ilham Aliyev hails Azerbaijan-Israel cooperation in the area of defense industry

Baku, Azerbaijan, Dec. 13 Trend: Israeli Prime Minister Benjamin Netanyahu has praised the attitude to Jews in Azerbaijan as he made a...

Photos Azerbaijan - Spain cooperation to develop

Baku, Azerbaijan, Dec. 4 By Elena Kosolapova - Trend: Creation of a new government in Spain will give an impetus for bilateral...

Flying Reimagined

Stock Index

Tuesday, March 28, 2017

Life Style

Photo Gallery

FEUILLETON