“This is the largest project with the estimated cost of implementation at 45 billion euros,” Shefchovich said.
He also added that the conflict in South-East of Ukraine pushed the EU member countries to accelerate the diversification of energy supply source, and the process of the European Energy Union creation.
“The EU is extremely tired to worry every summer about energy supplies for the coming winter,” he said added that energy security issues are controlled by top political leaders.
Shefchovich expects that the project of European Energy Union’s creation project will be supported by the European Council in March this year.
“The European Union will provide energy security for the EU,” Shefchovich said.
“Its creation will mean the implementation of plans for the construction of a single European energy market, the elimination of existing technical and administrative barriers,” he added.
He also expects the optimization of energy prices for the consumers in the EU, because the European Energy Union will enable member states to save significant amount of budgetary funds.
European countries are too dependent on fuel and gas imports. To reduce this dependency while keeping its energy market open to countries outside the EU, is the key objective, which, in particular, includes the creating a European Energy Union – by pooling resources, connecting networks and uniting the power when negotiating with non EU countries.
Among the most important energy objectives of the European Union is the diversification of its energy supply sources and routes.
The Southern Gas Corridor project envisages the transportation of gas from the Caspian region through Georgia and Turkey to Europe.
This large project aims at diversifying the routes and sources of energy supply that will enhance energy security of Europe. The Southern Gas Corridor project will ensure Caspian gas supply to the European markets for the first time in history.