Sefcovic: Competition should be one of EU gas market's devel...| MENAFN.COM

Thursday, 01 December 2022 06:44 GMT

Sefcovic: Competition should be one of EU gas market's development aspects


(MENAFN- Trend News Agency ) Baku, Azerbaijan, April 17

Trend:

One of the aspects of the development of the EU gas market should be competition, European Commission Vice-President for Energy Union Maros Sefcovic said on Twitter.

"The Future of the European gas market: security, infrastructure, competition", said Sefcovic.

As the European Commissioner for Climate Action and Energy Miguel Arias Cañete said at the EU Energy Summit in Brussels April 16, the Southern Gas Corridor project plays an important role in the EU's diversification efforts.

At present, the EU is largely dependent on gas imports, and this dependence will only increase: to about 83 percent by 2040 from the current approximately 70 percent.

'The decline in production and consumption of organic fuel would not be at the same rate as imports,' Cañete said. 'So, in 2016, 72 percent of energy consumption was ensured through oil, gas and coal. In the same year, 88 percent of consumed oil and 40 percent of natural gas were imported. Thus, 42 percent of imported natural gas accounts for Russia, 34 percent - for Norway, 13 percent - for liquefied natural gas, 11 percent - for Algeria and Libya', he added.

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).

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