Azernews.Az

By Aynur Jafarova

The future role of Azerbaijan as an energy supplier and a transit country was discussed at the European Energy Summit held in Istanbul on October 30-31.

The news was announced by the European Azerbaijan Society on October 31.

The European Union's (EU) priorities in the energy market, the European energy security, the development of the Turkish energy sector, and the European infrastructure technologies were also discussed.

The Summit was attended by Turkish Energy Minister Taner Yildiz, External Affairs Director of Trans Adriatic Pipeline (TAP) Michael Hoffman, Director General for Multilateral Economic Affairs and Energy Ministry of Foreign Affairs Mithat Rende, and Jean-Arnold Vinois, and Special Advisor to EU Energy Commissioner Günther Oettinger.

Turkey's Minister for EU Affairs Egemen Bakhysh spoke about the special relationship between Turkey and Azerbaijan.

Director of the European Azerbaijan Society Lionel Zetter said in his turn that the Society is pleased to co-sponsor this important event with the world famous Economist magazine.

"Despite the fact that this summit is mainly aimed at Turkey, each session and presentation discussed the close ties between Azerbaijan and Turkey," he said.

It should be noted that the European Azerbaijan Society sponsored a reception held in the framework of the summit.

The gas that will be produced in the second stage of Shah Deniz field development in Azerbaijan will be the main source for the Southern Gas Corridor, which envisages the transportation of Caspian gas to European markets.

In late June, the Shah Deniz consortium 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 the implementation of the Southern Gas Corridor project that will allow Europe to diversify its supply sources and increase energy security; it will also enable Azerbaijan to acquire a new market in 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.

Last year, the partners extended the Shah Deniz contract by five years, prolonging it till 2036.