Former US Ambassador: Southern Corridor will double volume of investments in oil and gas sector in Azerbaijan

Baku. 17 November. REPORT.AZ/ "EU officials are correct in saying South Stream will not provide alternative sources of gas to Europe. South Stream simply provides a new transit route for gas that is already reaching Europe largely via Ukraine."

The former US Ambassador to Azerbaijan Matthew Bryza said that to Report.

According to him Russia's plans for South Stream and Nordstream’s suggest the establishment of gas transit volumes that will exceed the needs of Europe. So, Europe does not need South Stream and will have plenty of gas available to meet demand from other sources. The Southern Corridor is only one element in the EU’s strategy to diversify its supplies of natural gas. Other elements include expanded imports from Norway and North Africa, as well as LNG, including from the United States". M. Bryza also noted that currently Gazprom is working to fight the further development of such free-market trading of natural gas through mega projects like South Stream and Nordstream. "Gasprom will fail, and free-market trading of natural gas will advance in Europe," M. Bryza said.

Talking about advantages of building Southern Gas Corridor M. Bryza said that it would enable Azerbaijan to sustain large-scale foreign investment and revenues from natural gas sales for decades to come. "In addition, the Southern Corridor will in fact enable a new round of upstream investment in phase 2 of the Shah Deniz project that will double all international investment to date in Azerbaijan’s oil and gas sector".