ECONOMY


President Ilham Aliyev: Azerbaijan is the only new source of energy for Europe for the time being

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Baku, May 23, AZERTAC

“The Southern Gas Corridor is currently the largest infrastructure project in Europe, while Azerbaijan is the only new source of energy for Europe for the time being,” Azerbaijani President Ilham Aliyev has said in his interview to “The Business Year” magazine. “This project consists of several components. The development of the Shah Deniz-2 gas field, the expansion of the South Caucasus Pipeline linking Azerbaijan with Georgia, the Trans-Anadolu Pipeline (TANAP), and the Trans-Adriatic Pipeline (TAP) are all constituent parts of the Southern Gas Corridor.” The President said: “Azerbaijan has proven gas reserves of 2.6 trillion cubic meters, while the volume of predicted reserves is twice as high. Our diversified infrastructure allows us the opportunity to increase our gas exports in any direction. Work is currently under way on the construction of the Southern Gas Corridor in all directions. The groundbreaking ceremony of the Southern Gas Corridor was held in Baku on September 20, 2014. This date is very symbolic because the Contract of the Century, which transformed the energy map of the region, and was also signed 20 years ago on this date.”

“A meeting of the Advisory Council of countries represented in the Southern Gas Corridor was held in Baku in February 2014. It was an important step in coordinating future work. The groundbreaking ceremony of the TANAP pipeline held in Kars, Turkey, on March 17, 2015, which was attended by the presidents of Azerbaijan, Turkey, and Georgia, as well as representatives of the EU and the US, is also of tremendous importance to the implementation of the Southern Gas Corridor.”

“When the Baku-Tbilisi-Ceyhan (BTC) oil pipeline was put into operation in 2006, we took an important step in contributing to the energy security of Europe. The oil from Azerbaijan currently accounts for 30-40% of the energy balance of some European countries. The projects Azerbaijan has initiated over many years have also contributed to the realization of the Southern Gas Corridor,” the head of state added.

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