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EU Proposes to Establish Consortium for Trans-Caspian Gas Pipeline Construction

Turkmenistan, having abundant natural gas reserves, has been consistently promoting the Western vector of energy partnership, Turkmenistan's Minister of Petroleum and Mineral Resources Muhammetnur Halylov said at the recent gas conference in Avaza.

He said that Turkmenistan is considering the European market as one of the promising areas of gas supply.

"The multilateral talks were held with the participation of the corresponding ministries of Turkmenistan, Azerbaijan, Turkey and the European Commission in Ashgabat in early May," he said. "They discussed the cooperation in the natural gas supplies to the EU countries via the planned Trans-Caspian gas pipeline."

He said that the declaration on developing the energy cooperation was signed among Turkmenistan, Azerbaijan, Turkey and the EU during the talks.

The declaration stresses the need to boost the joint work on the development of the draft framework agreement on the supply of natural gas from Turkmenistan to Europe.

The minister said it was also decided to create a working group at the level of the deputies of the heads of branch ministries of Turkmenistan, Azerbaijan, Turkey and the EU

"The document also stresses the importance of the initiative to create the Caspian Development Corporation," said Khalylov, adding that the EU, on its part, offered to create a consortium with the participation of major European companies that will finance the gas pipeline's construction.

He said that Turkmenistan's readiness to supply natural gas to all the interested buyers, including the European countries, was noted during the talks.

"In turn, the EU countries attach great importance to the development of cooperation in this area with Turkmenistan as one of the largest energy powers in the world," he said.

"Given this mutual interest from the sides, the partnership between Turkmenistan and the EU promises to be very perspective and mutually beneficial in the near future," said the minister.

For this purpose, the possibility of construction of Trans-Caspian gas pipeline is being studied, he said.

The Trans-Caspian gas pipeline will run from the coasts of Turkmenistan to Azerbaijan through the bottom of the Caspian Sea.

"Today, Turkmenistan and Azerbaijan have every opportunity to implement it [the project] within the bilateral activities," said the minister.

At the initial stage, the fields in the Turkmen part of the Caspian Sea can serve as the resource base for gas supply via the Trans-Caspian gas pipeline.

The proven gas reserve of the fields in the Turkmen sector of the Caspian Sea today allow to supply up to 10 billion cubic meters of gas per year in this direction, said the minister.

It will be possible to use the reserves of the gas fields in Turkmenistan's east for gas supply via the Trans-Caspian route in the future, he added.

Source: Trend

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