(MENAFN- Trend News Agency ) Baku, Azerbaijan, March 10
By Ilkin Shafiyev – Trend:
The Southern Gas Corridor (SGC) project will help promote regional cooperation and diversify gas import sources of several ADB member countries, Head of the Asian Development Bank (ADB) Azerbaijan Office Nariman Mannapbekov said in an interview with Trend and Azernews .
"One of ADB's key mandates is to support the development of regional cooperation among its members, including those with energy security issues. The Southern Gas Corridor (SGC) project perfectly espouses this mandate, as it will help promote regional cooperation and will help diversify gas import sources of several ADB member countries. We believe that the project can generate additional revenue for the government. This can be used to implement social programs or new measures for economic diversification. It will also provide employment for many people – at least 1,800 permanent jobs are expected upon the project's completion," he said.
To date, the ADB has already approved funds in the amount of $1 billion for the Southern Gas Corridor CJSC.
The Southern Gas Corridor 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.
At an initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Shah Deniz Stage 2, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
ADB was founded in 1966 and 67 states are its members. The bank's headquarters is located in Manila, Philippines.
Azerbaijan became an ADB member in 1999. The country's share in the bank's capital is 0.5 percent.
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