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Asia Today ISSN 1861-4604 Friday, October 20, 2017

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

No problems with financing

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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.

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