Ionian-Adriatic Pipeline To Expand Access Of Azerbaijani Gas To Europe - Deputy Minister
Date
11/21/2022 7:11:37 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 21. The new
Ionian-Adriatic Pipeline (IAP) will contribute to the integration
of Azerbaijani gas into the European market, Elnur Soltanov, Deputy
Minister of energy of Azerbaijan, said in an interview with LGP
News magazine, trend reports.
According to the DM, the IAP connected to the Trans-Adriatic
Pipeline (TAP), which in turn is part of the Southern Gas Corridor
(SGC), will contribute to European energy security.
'TAP has brought all kinds of economic benefits to all countries
along and beyond its route in terms of jobs, investments and
income. It has provided stability and security to the member
countries' energy systems, and lowered prices for citizens and
businesses through the more efficient gas-to-gas model. TAP will
also facilitate the integration of the market in South-Eastern
Europe through physical connecting pipelines, such as the
Interconnector Greece-Bulgaria (IGB) and hopefully IAP in the
future,' he said.
Soltanov stressed that concrete measures to expand the SGC
should be taken now.
'Azerbaijan's proven gas reserves amount to 2.6 trillion cubic
meters and its estimated reserves are about 3 trillion cubic
meters. The potential of Umid, Babek and Absheron fields alone are
over 1.7 trillion cubic meters. Within the framework of the
comprehensive strategic agreement with the EU initiated a few
months ago, Azerbaijan presented its domestic production profile
and possible expansion scenarios, indicating additional volumes of
gas for full expansion of the SGC. Regarding the huge gas reserves
in Azerbaijan, there is clarity and transparency in the proposals.
We need the same level of clarity on demand from our partners,' he
added.
Meanwhile, on July 18, 2022, a 'Memorandum of Understanding on
Strategic Partnership in the field of energy between the European
Union represented by the European Commission and the Republic of
Azerbaijan' was signed between Azerbaijan and the EU.
The Sides agreed to support bilateral trade of natural gas,
including through exports to the EU via the SGC, of at least 20 bcm
of gas annually by 2027, in accordance with commercial viability
and market demand.
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