The ITGI project (Interconnector Turkey-Greece-Italy) is one of the most beneficial for Azerbaijan, the EU and Greece within the Shah Deniz consortium, Greek Minister for Environment, Energy and Climate Change, George Papaconstantine said in Baku, Trend reports.
Final decisions on gas export will be made in late November.
Greece is facing financial problems in realizing the project. The EU will pay 1.5-2 billion euro for the project. Part of the sum may be issued by the European Reconstruction and Development Bank.
DEPA Director General Garry Sachinis said that Azerbaijan is an important state for Europe, especially its south-eastern part.
Azerbaijan plans to use the ITGI to export 10 billion cubic meters of gas annually since 2017. One billion cubic meters will be exported to Bulgaria, one to Greece, eight to Italy. Capacity may further be increased to 24 billion cubic meters (five for the South-Eastern Europe, three for Greece and 16 for Italy).
Europe is interested in energy cooperation with Azerbaijan within the Southern Gas Corridor. The Southern Gas Corridor and a priority gas project of Europe. It is to diversify energy routes and improve European energy security. The Southern Gas Corridor includes the Nabucco gas pipeline, Trans-Adriatic Pipeline, ITGI (Interconnector Turkey-Georgia-Italy), White Stream.
Shah Deniz is to fill the pipeline. Azerbaijan is to provide 10 billion cubic meters via Shah Deniz 2. A contract on development of Shah Deniz was signed on June 4, 1996. Participants of the project are BP (operator) – 25.5%, Statoil – 25.5%, NICO – 10%, Total – 10%, Lukoil – 10%, TPAO - 9%, SOCAR – 10%.
Gas is currently exported to Georgia and Turkey via the South Caucasian Gas Pipeline.
Extraction cap is 9 billion cubic meters of gas annually. The second stage of development will increase it to 24 billion cubic meters. Shah Deniz holds about 1.2 trillion cubic meters of gas reserves.
