In particular, it covers the second stage of developing Azerbaijan`s giant Shah Deniz gas field in the Caspian Sea, expansion of the South Caucasus Pipeline, construction of the Trans Anatolian gas pipeline (TANAP) and Trans Adriatic Pipeline (TAP), Abdullayev said.
According to him, $3 billion has already been spent as part of the second stage of the Shah Deniz field development.
In late June, the consortium of Shah Deniz field development announced the selection of TAP as the route to transport its gas to Europe. Another pipeline which was vying for Azerbaijani gas transportation to Europe was Nabucco West.
The selection of TAP marked the start of implementation of the Southern Gas Corridor project that will allow Europe to diversify its supply sources and increase energy security as well as enable Azerbaijan to acquire a new market, Europe.
Shah Deniz, estimated to contain 1.2 trillion cubic meters of gas, is operated by the London-based BP. Partners include SOCAR, Statoil, Total, Lukoil, NICO and TPAO. The partners last year extended the Shah Deniz contract for five years to 2036.
Azerbaijan on September 19 signed 25-year agreements with nine European utilities to export just over 10 billion cubic meters of Shah Deniz gas to the EU starting from 2019. The buyers included Axpo Trading AG, Bulgargaz EAD, Depa, Gas Natural Fenosa, Hera Trading Srl, Shell Energy Europe, Enel SpA, EON SE and GDF Suez SA.
A final investment decision on Shah Deniz Phase 2 is expected by the end of this year, BP Azerbaijan President Gordon Birrell said in Baku on September 19. Production will start in 2018.
The TANAP project, being developed by Azerbaijan`s SOCAR jointly with the Turkish state pipeline company Botas and the energy company TPAO, will deliver Shah Deniz gas to the Turkish-Greek border from eastern Turkey. Initial capacity of the pipeline will be 16 billion cubic meters of gas a year. TANAP will link up with the Trans-Adriatic Pipeline (TAP) on the Turkish-Greek border.
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