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Commerzbank may participate in Azerbaijani gas projects

19 November 2012 14:26 (UTC+04:00)
Commerzbank may participate in Azerbaijani gas projects

Commerzbank, Germany's No.2 bank, may participate in financing projects to transport Azerbaijani gas to Europe, head of a representative office of the bank in Azerbaijan Johann Engbrecht told Trend news agency on Monday.

"We will be ready to participate in financing the Trans-Anatolian gas pipeline (TANAP) and other projects of Azerbaijani gas transportation in case of necessity in investments," he said. "However, the issue has not been touched upon yet."

He added that Commerzbank is involved in similar projects and has a good record.

"For example, the bank invested in the North Stream project which is the main gas pipeline between Russia and Germany stretching along the bottom of the Baltic Sea," he added.

Azerbaijan and Turkey signed a memorandum of understanding to establish a consortium that will build the TANAP gas pipeline to supply gas from the Shah Deniz field to Europe through Turkey.
It is necessary to construct the TANAP pipeline to export the most part of the 50 billion cubic meters of gas that Azerbaijan intends to produce by 2025.

Gas, which will be produced during the second stage of the Shah Deniz field development, is considered as the main source for the Southern Gas Corridor projects including Nabucco and TAP.

The final decision on a pipeline route will be made in 2013.

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