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EC hails importance of Caspian gas for Europe’s energy security

23 February 2017 15:49 (UTC+04:00)
EC hails importance of Caspian gas for Europe’s energy security

By Nigar Abbasova

The European Commission once again hailed the importance of the ambitious Southern Gas Corridor (SGC) project, which is set to change the energy map of an entire region.

Vice-President of the European Commission Marosh Shevchovich said that the project has strategic importance for the energy security and diversification plans of Europe. The official was addressing the Southern Gas Corridor (SGC) Advisory Council Third Ministerial Meeting in Baku, February 23.

Shevchovich went on to add that Europe appreciates the opportunity to have the new route, which will connect Europe with such important region as the Caspian Basin and to cooperate with Azerbaijan.

The European countries implement variety of measures aiming to achieve an integrated energy market, security of energy supply and sustainability of the energy sector. Azerbaijan is an important energy partner for the EU, currently supplying around 5 percent of the EU's oil demand but the pivotal role of the country is related to its position as an “enabler” of the SGS.

Being one of the biggest construction projects of our times SGC, covering the area of 3,500 km, is expected to bring some 10 billion cubic meters of natural gas from the Caspian region to Europe.

Reflecting the importance of the Southern Gas Corridor for all countries involved in the program, a number of international financial institutions are supporting the project.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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