BAKU, Azerbaijan, November 17. The new Ionian-Adriatic Pipeline (IAP) will contribute to the integration of Azerbaijani gas into the European market, Elnur Soltanov, Deputy Minister of Energy of Azerbaijan, said in an interview with LGP News magazine, Trend reports.
According to the DM, the IAP connected to the Trans-Adriatic Pipeline (TAP), which in turn is part of the Southern Gas Corridor (SGC), will contribute to European energy security.
"TAP has brought all kinds of economic benefits to all countries along and beyond its route in terms of jobs, investments and income. It has provided stability and security to the member countries' energy systems, and lowered prices for citizens and businesses through the more efficient gas-to-gas model. TAP will also facilitate the integration of the market in South-Eastern Europe through physical connecting pipelines, such as the Interconnector Greece-Bulgaria (IGB) and hopefully IAP in the future," he said.
Soltanov stressed that concrete measures to expand the SGC should be taken now.
"Azerbaijan’s proven gas reserves amount to 2.6 trillion cubic meters and its estimated reserves are about 3 trillion cubic meters. The potential of Umid, Babek and Absheron fields alone are over 1.7 trillion cubic meters. Within the framework of the comprehensive strategic agreement with the EU initiated a few months ago, Azerbaijan presented its domestic production profile and possible expansion scenarios, indicating additional volumes of gas for full expansion of the SGC. Regarding the huge gas reserves in Azerbaijan, there is clarity and transparency in the proposals. We need the same level of clarity on demand from our partners," he added.
Meanwhile, on July 18, 2022, a “Memorandum of Understanding on Strategic Partnership in the field of energy between the European Union represented by the European Commission and the Republic of Azerbaijan" was signed between Azerbaijan and the EU.
The Sides agreed to support bilateral trade of natural gas, including through exports to the EU via the SGC, of at least 20 bcm of gas annually by 2027, in accordance with commercial viability and market demand.
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