Decision taken on Shah Deniz-2

Prime Ministers Irakly Garibashvili (Georgia), Enrico Letta (Italy), Edi Rama (Albania), British Foreign Secretary William Hague, European Commissioner Gunther Oettinger and officials of international companies developing the Shah Deniz Field took part in the signing of the final investment decision for the Shah Deniz-2 project in Baku yesterday.

The ceremony was opened by Azerbaijani President Ilham Aliyev. He called Shah Deniz-2, TANAP and TAP the main large energy projects in the world. About $35 billion will be invested in their realization. The projects will create 30,000 jobs.William Hague said that development of Shah Deniz will allow the Southern Corridor to be formed and improve energy security by providing Europe with gas. Oettinger congratulated all participants of the project on behalf of President of the European Commission Jose Manuel Barroso.

39 documents were signed for Shah Deniz-2, TANAP and TAP. SOCAR and BP increased their shares in Shah Deniz and the Baku-Tbilisi-Erzurum Pipeline by purchasing of 6.7% and 3.3% of shares from Statoil.

Shah Deniz has 1.2 billion cubic meters of gas reserves. Extraction within the framework of the second stage of its development will increase from 9 billion cubic meters to 16 billion. Second-stage gas extraction will start in 2018. The shareholders of the project are as follows: British Petroleum (operator, 28.8%), Statoil (15.5%), SOCAR (16.7%), LUKoil (10%), NICO (10%), TotalFinaElf (10%) and TPAO (9%).

Prime Ministers Irakly Garibashvili (Georgia), Enrico Letta (Italy), Edi Rama (Albania), British Foreign Secretary William Hague, European Commissioner Gunther Oettinger and officials of international companies developing the Shah Deniz Field took part in the signing of the final investment decision for the Shah Deniz-2 project in Baku yesterday.The ceremony was opened by Azerbaijani President Ilham Aliyev. He called Shah Deniz-2, TANAP and TAP the main large energy projects in the world. About $35 billion will be invested in their realization. The projects will create 30,000 jobs.William Hague said that development of Shah Deniz will allow the Southern Corridor to be formed and improve energy security by providing Europe with gas. Oettinger congratulated all participants of the project on behalf of President of the European Commission Jose Manuel Barroso.39 documents were signed for Shah Deniz-2, TANAP and TAP. SOCAR and BP increased their shares in Shah Deniz and the Baku-Tbilisi-Erzurum Pipeline by purchasing of 6.7% and 3.3% of shares from Statoil.Shah Deniz has 1.2 billion cubic meters of gas reserves. Extraction within the framework of the second stage of its development will increase from 9 billion cubic meters to 16 billion. Second-stage gas extraction will start in 2018. The shareholders of the project are as follows: British Petroleum (operator, 28.8%), Statoil (15.5%), SOCAR (16.7%), LUKoil (10%), NICO (10%), TotalFinaElf (10%) and TPAO (9%)