Azerbaijan is able to self-finance all energy projects that should be implemented by 2020, Minister of Energy of Azerbaijan Natig Aliyev said on the results of the EBRD-hosted Caspian Corridor Conference in London March 12.
He made the remarks in a brief video comment about Southern Corridor now available on the EBRD’s YouTube channel.
He said that the Southern Gas Corridor is a global, possibly unique, project in terms of scope, financing, complexity, in terms of a lot of construction being not only in upstream but also in midstream, and so on.
“What gives us certainty? First of all, because there is political will of the states involved in this corridor- first of all because of countries,” said Aliyev. “Secondly, I have to say, in terms of Azerbaijan’s participation, especially in upstream and midstream, Azerbaijan’s stake is usually a majority stake, and we would be capable of financing on our own all the projects which we have to implement by 2020.”
He said that the largest global energy companies of today are participating in the project. “The Shah Deniz field alone, which is located at 500 meters under the sea, will be developed using the kind of technology never applied before in the Caspian Sea,” the minister said. “So the project is fully covered in terms of technology and complexity, financially and politically.”
The Southern Gas Corridor is one of the priority energy projects for the EU. The project is aimed at diversification of routes and sources of energy supply and thereby increase EU’s energy security.
It envisages the delivery of gas from Azerbaijan’s Shah Deniz gas and condensate field to Europe.
The gas to be produced as part of the second stage of the field’s development will be exported to Turkey and European markets through the expansion of the South Caucasus Pipeline and the construction of Trans Anatolian Natural Gas Pipeline (TANAP) and the Trans Adriatic Pipeline (TAP).
