SOCAR President says Southern Gas Corridor contributes to energy security of Europe

The Sixth Atlantic Council Energy & Economic Summit was held in Istanbul, Turkey on November 20-21.The Summit convened US Vice President Joe Biden and Turkish Prime Minister Ahmet Davutoğlu, SOCAR says in its press release. SOCAR President Rovnag Abdullayev spoke at ''Critical Sources of Energy Supply and Demand in the 21st Century” session. According to him, Azerbaijan has become a leading country in the region from political and economic point of view, and energy sector of the country has considerably developed in the past 20 years since the signing of “The Contract of the Century”. Azerbaijan has become a global hub of interest for huge natural gas projects along with being major oil exporter country. Speaking about the future prospects of the Southern Gas Corridor, Mr. Abdullayev stated that the Corridor would provide European countries with sustainable, clean and renewable energy, which contributes to the energy security. According to estimations, Europe’s demand for natural gas will rise to 610 bcm, while annual natural gas import - to 400 bcm, thus, increasing the importance of the Southern Gas Corridor. 

Speaking on TANAP project, SOCAR President noted that about USD 100-120 billion should be invested in the energy sector to reach Turkey’s aims for 2023. Investment amount of TANAP makes USD 10-12 billion. Thus, the only TANAP will make 10 percent of the needed investment amount of Turkish energy sector. According to him, with adding TANAP to SOCAR’s investments in Turkey, 20 percent of the targeted USD 20 billion investments will be completed. 

Afterwards, Mr. Abdullayev briefed on TAP project, being a part of the Southern Gas Corridor, which will transport Azerbaijani natural gas, starting from Greece-Turkey border via Albania and Italy, to Europe. 

Concluding his speech, SOCAR President noted that SOCAR would continue to support the development of the region, expansion of regional and global cooperation, as well as global energy security.