(MENAFN - PRLog) Recent Launch of Turkey's STAR Refinery and the Upcoming Completion of the Trans Adriatic Pipeline Demonstrate Azerbaijan's Growing Strength Around the World BAKU, Azerbaijan - Nov. 7, 2018 - PRLog -- Today, there are major developments in the European energy marketplace being driven by SOCAR (State Oil Company of the Azerbaijan Republic). Recently in Turkey, SOCAR launched the $6.3B Star Refinery, making it the largest direct foreign investment in that country and additionally, it is one of the leaders of the Southern Gas Corridor's Trans Adriatic Pipeline (TAP). Along with STAR Refinery's more than 3.5 billion cubic meters of annual oil processing capacity is TAP's diversification of Europe's gas supply when it is projected to launch in 2020. Both of the aforementioned position Azerbaijan's ability to grow as a global force in the energy marketplace.
TAP strengthens SOCAR's power in the global marketplace, connecting with the Trans Anatolian Pipeline (TANAP) at the Turkey-Greece border, stretching across Greece, Albania and the Adriatic Sea before reaching the south of Italy where it will connect to Italy's natural gas network. Part of the Southern Gas Corridor, both TANAP and TAP will help solve Europe's energy dependence on Russia. The TAP pipeline has strategic value in the region as it alters the continent's energy map, contributing to increased energy demand of Europe. The pipeline will also provide Shah Deniz II gas to Greece and Bulgaria.
In recent news coverage from Report News Agency, George Kent, the Special Advisor to US Deputy Assistant Secretary of State for Europe and Eurasia stated, "The Southern Gas Corridor plays a huge role in ensuring diversification of energy supplies to Europe. Such large-scale projects are an example of successful cooperation between companies and States in the name of peace."
As TAP is an international consortium of energy leaders SOCAR, BP, Snam, Fluxys, Enagás and Axpo, Azerbaijan will gain access to new markets in Europe while strengthening its market position in Turkey and the Balkans through large investments in the energy sector regionally such as STAR Refinery. TAP is scheduled to transport approximately 10 billion cubic meters of Shah Deniz II gas to Europe per year and 8 billion cubic meters of Shah Deniz II gas to meet the growing demand of Italy and adjacent markets, serving 13 percent of its needs. A significant part of energy consumption in the Southern Italy is currently based on the coal-fired electricity. Increasing the share of natural gas and lowering the share of coal in the energy production of the country will contribute to the environmental protection in Italy. From an economic point of view, the market entry by a new gas supplier has the potential to reduce energy prices in Italy, which can benefit the entire country.
As energy independence grows as a global issue, scholars such as Theodore Karasik, Sr. Advisor to Gulf State Analytics and an Adjunct Senior Fellow at the Lexington Institute in Washington D.C. recently said, as covered in Report News Agency - "These countries are currently seeking solutions to guarantee their energy independence in the coming years so that the EU as a whole and specific countries within the organization can seek alternatives. Azerbaijan is naturally a key player in this Arena. The USA is likely to continue supporting the project because of Washington's interest in Baku."
Contact: for Report News Agency: Elana Weiss, The Rose Group & Contact at Report News Agency: Murad Aliyev, murad.aliyev@Media Contact
Report News Agency: Murad Aliyev