SOCAR (State Oil Company of Azerbaijan) and the Italian company Snam signed a memorandum of cooperation to assess the initiatives put forward for the development of the Southern Gas Corridor in Baku Sept. 23.
The document was signed by SOCAR President Rovnag Abdullayev and Snam CEO Carlo Malacarne, SOCAR said.
The memorandum envisages the exchange of information and thorough evaluation of various works.
The sides discussed the possibility of exchanging the experience between SOCAR and Snam in the fields of construction and operation of the equipment necessary for the transportation of natural gas from Azerbaijan and other countries to the European markets through the Italian infrastructure to ensure energy security of Europe.
The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of gas from the Caspian Sea region to the European countries through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan’s Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.