facebook
twitter
rss
account
search
search
 

Barroso: Shah Deniz approval a 'milestone' for Europe

Dec. 17, 2013 at 7:52 AM   |   Comments

BAKU, Azerbaijan, Dec. 17 (UPI) -- The European Commission president said Tuesday's decision to invest in a gas corridor from Azerbaijan is a "breakthrough" for energy security.

EU Energy Commissioner Gunther Oettinger and President Jose Manuel Barroso attended a signing ceremony in Azerbaijan for the final investment decision for extracting natural gas from phase 2 of the Shah Deniz field in the Caspian Sea.

By the end of 2019, European customers will get more than 350 billion cubic feet of natural gas from the so-called Southern Corridor of gas transit networks, which includes the 540-mile Trans-Adriatic pipeline.

"Today's decision by the Shah Deniz II consortium is a strategic door opener for stronger European energy security," Barroso said in a statement. "This is a major milestone for the diversification of our energy supplies, to the benefit of European consumers and businesses."

Shah Deniz is serviced by British energy company BP and the State Oil Co. of Azerbaijan Republic. BP and SOCAR in a joint statement Tuesday said they'd invest around $28 billion in developing the second stage of the offshore natural gas field.

The Southern Corridor adds a layer of diversity to a European gas market dependent on Russia.

"It brings benefits to countries stretching from the Caspian Sea to the heart of Europe through creating a direct transportation link between the Caspian and the European gas markets," SOCAR President Rovnag Abdullayev said in a statement.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
3
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
4
Iran could retool pipeline for Pakistan Iran could retool pipeline for Pakistan
5
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
Trending News
Video
x
Feedback