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SOCAR Vice-President: We are committed to supplying gas to EU

Vice-President of Azerbaijan`s State Oil Company (SOCAR) Elshad Nasirov has expressed the country`s commitment to boost the European Union`s gas supply as he was interviewed by CNN.

 He touched upon the Southern Gas Corridor project, saying: “We just made the final investment decision in 2013. And the total investment that has to be made in the pipeline and in the production of gas from the Caspian Sea will be equal to 45 billion US dollars. It will take five years, 3,500km of pipeline construction.”

Mr. Nasirov noted: “It will take several countries – 12 buyers, companies from several countries. Six billion cubic meters of additional gas will be delivered to Turkey and 10 billion cubic meters of gas will be delivered to Greece, Albania, Bulgaria and Italy by the year 2019.”

He said: “We have been in negotiations for the Southern Gas Corridor for more than a decade. We are committed to supplying gas to the European Union. At the same time, we are ready to supply gas to the shorter destinations, to our neighbors – Georgia, Russia, Turkey.”

The SOCAR Vice-President pointed to profitability of the project: “The companies that are producing gas in Azerbaijan, specifically in the Shahdeniz Stage 2 project are serious, major companies that have calculated all of their investments, profits, transportation tariffs. So, of course, it is a serious, challenging project. But, of course, in any case, in the long run, it will provide additional, substantial profits to the producers of gas in Azerbaijan.”

Mr. Nasirov also said: “The prices which will be used for our deliveries of gas are not based on the negotiations, they are based on the hub and market prices.”