ECONOMY


President of SOCAR delivers speech at 22nd World Petroleum Congress

Baku, July 10, AZERTAC

Azerbaijan’s State Oil Company SOCAR feels constant support of Turkey in ongoing projects Petkim, Star Refinery, Petlim and others, SOCAR President Rovnag Abdullayev said.

He spoke at the 22nd World Petroleum Congress in Istanbul.

The President said that the Azerbaijani gas together with other sources will play an important role in meeting Europe’s demand for natural gas, which grew 7.1 percent.

He noted that the Southern Gas Corridor project will become profitable in the long-term period for the energy sector of Azerbaijan, Turkey and Europe.

The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.

At the 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 Stage 2 of the Shah Deniz development, 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 and Trans Adriatic Pipeline.

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