European demands to gas resources will improve to 610 milliard cub meters in 2030

SOCAR president Rovnag Abdullayev: And this rises importance of South Gas Coridor

Baku. 24 November. REPORT.AZ/ On November 20-21, President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev took part in VI Istanbul Sammit of United States Atlantic Council entitled "Energy and Economy".

Report informs, referring information given by press-service of SOCAR, Rovnag Abdullayev made a speech at session entitled "Energy maintenance and critic sources of energy in XXI century" and said that, Azerbaijan with its quickly developing industy became one of the economic and politic leaders of the region, as well energy sector of the country made so much great success in 20 years period from the signing of the Agreement of Century. Our country became an important oil exporter, as well now in the focus of attention of the world countries for its realized great gas projects.

Rovnag Abdullayev also informed the sammit participants about forthcoming perspectives of the South Gas Coridor, which began to realize in Baku 2 months ago and stated that, through this coridor Europe will get stable, net and alternative energy. And this actually, is too big present for necessary energy security in the region. It was supposed that, gas demands of Europe will be 610 milliard cub meters in year 2030 and import of gas will improve to 400 milliard cub meters that, this also rises importance of South Gas Coridor.

Rovnag Abdullayev also told about TANAP project, which is a part of South Gas Coridor and realising in partnership of Azebaijan and Turkey, and stressed that, to deliver its targets in year 2023, Turkey must make investment to energy sector means in sum of 100-120 milliard dollars. Investment value of the TANAP is 10-12 milliard manats. That's to say, TANAP independently will maintain 10% of investment power of Turkey in energy sector accordingly.

"If we add the TANAP project to investments of SOCAR in Turkey, then we can maintain 20% of this demand with our 20 milliard investment target. And this is a obvious proof of importance given by the President of the Republic of Azerbaijan Ilham Aliyev to brotherhood and strategical cooperation, as well our pleasant relations between Azerbaijan and Turkey" - R.Abdullayev added.

Rovnag Abdullayev also told to participants of session about TAP project (Trans Meditteranean Pipeline), which is the latest ring of the South Gas Coridor. It also should be noted that, this pipeline starts from Turkey-Greece border, transiting from Albania and deliver to Italy that, it will give great opportunity to Azerbaijan to deliver Azerbaijan gas to Europe transported via TANAP pipeline.

To the end of his speech, R.Abdullayev stated that, SOCAR will continue its support for development of more successful growth of the region, as well improvement of global and regional business cooperation, maintenance of energy security all over the world in future.

It should be noted that, the sammit was attended by US Vice President Joe Biden and Prime Minister of Turkey Ahmet Davutoglu.

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