Azernews.Az

By Trend

The gas, to be produced at the Azerbaijani fields, will be the only new source of natural gas for Europe and, of course, will significantly change the energy map of the European continent, said Azerbaijan's President Ilham Aliyev.

President Aliyev made the remarks addressing a plenary session of the Eastern Partnership Summit in Brussels Nov. 24.

Energy policy is one of the issues, on which Azerbaijan actively cooperates with European institutions, said the president adding that the large-scale energy project, Southern Gas Corridor, is developing successfully.

President Aliyev noted that the cost of this project exceeds $40 billion and will allow Azerbaijan to extract additional volumes of gas and deliver them from the country to European markets.

The 3,500-kilometer pipeline will be a new route, and will transport gas to the European markets from a new source, he said.

“Along with the policy of energy security, this is the policy of energy diversification, because the gas, to be produced at the Azerbaijani fields, will be the only new source of natural gas for Europe and, of course, will significantly change the energy map of the European continent,” noted the head of state.

The president reminded that the proven gas reserves of Azerbaijan are equal to 2.6 trillion cubic meters and this will be enough to supply natural gas to Europe for decades.

Azerbaijan has put forward an initiative to implement the project of the Southern Gas Corridor, said President Aliyev and thanked the European Commission for its continued support to the project.

This support and funding by the European financial institutions are of great importance for the project’s successful implementation, added the head of state.