Romania Hails Expansion Of Southern Gas Corridor Towards New EU Markets - Ministry

(MENAFN- AzerNews) Romania reaffirms its continued support for the development of resources in the Caspian region, being firmly committed to the progress and expansion of the Southern Gas Corridor towards new markets in the EU, Azernews reports.

According to the Ministry, the Caspian region is currently playing an increasingly important role in improving the security of gas supply to Europe.

"This status implies position of reliable partner in ensuring energy security of Europe, confirmed, among other things, by efforts that have already been made regarding creation of new transport infrastructure to bring gas to European markets," the source stated.

It was emphasized that, in terms of regional dimension, Romania is a consistent champion for increasing links and collaboration between the EU and Caspian region countries.

At the same time, the Ministry stated that Romania is an active supporter of the so-called Green Corridor project, which was formed by regional partners such as Azerbaijan, Georgia, and Hungary to utilize the substantial potential of renewable energy sources in the Caspian Sea.

Meanwhile, the Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports gas from the Caspian Sea region to European countries through Georgia and Türkiye.

The project's cost totaled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8–10 years.

In July 2022, Azerbaijan and the EU agreed to increase the volume of gas supplies via the Southern Gas Corridor from the current 10 bcm to 20 bcm by 2027.

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