ECONOMY


Shahdeniz-2 project ratifies 2013-budget

Baku, December 7 (AZERTAC). Partnering companies on second phase of Shahdeniz structure, located in the Azerbaijani sector of the Caspian Sea, have confirmed budget for 2013, SOCAR President Rovnag Abdullayev said.

According to Abdullayev, the next phase would absorb around $$7-10 billion which includes construction of new blocks, gas pipelines and etc.

The previous estimate for the project, which aims to bring high volumes of gas from the vast Azeri field to Western Europe, was $25 billion.

“In total, the second phase of Shahdeniz will cost $28 billion to $30 billion,” Abdullayev told reporters.

Annual capacity of the pipeline is predicted to be 16 billion cubic metres, with the flow starting in approximately five years.

BP is developing the Shahdeniz field in partnership with SOCAR, Statoil ASA, Total SA, OAO Lukoil, Turkish Petrolleri AO and Naftiran Intertrade Co.

The Shah Deniz partners plan to make the final investment decision on the second phase of Shahdeniz phase at the end of 2013, Abdullayev said.

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