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Azerbaijan, ADB Discuss Funding Opportunities for SGC

Azerbaijan and the Asian Development Bank discussed the opportunities for financing the project on Southern Gas Corridor, the Ministry of Finance of Azerbaijan said.

The discussions were carried out during the meeting between Azerbaijan's Finance Minister Samir Sharifov and the ADB's president Takehiko Nakao, vice-president Diwakar Gupta and other officials of the bank within the framework of the 49th annual meeting of the ADB Board of Directors, which is held in Frankfurt, Germany on May 2 to 5.

During the discussions, the sides emphasized the importance of the joint implementation projects as well as progress of the project in improving energy supply within Azerbaijan and restoration of the water supply systems in the regions of the country.

The development of the second phase of the Shah Deniz field was also mulled.

The SGC is included to the list of priority projects for the EU. It envisages the provision of more than 10 billion cubic meters of Azerbaijani gas from the Caspian region to Europe annually.

The pipeline network will stretch across 3,500 kilometer area from the Caspian Sea into Europe via Azerbaijan, Georgia, Turkey and Greece.

The SGC is comprised of three main pipelines. The existing South Caucasus pipeline will be expanded with a new parallel pipeline through Azerbaijan and Georgia. In addition, with the construction of Trans-Anatolian and Trans-Adriatic routes, the pipeline network will be further expanded to the EU.

TANAP will pass through Turkey to join TAP pipeline in the Greece border, which will cross Greece, Albania and southern part of Italy.

First gas delivery to Georgia and Turkey is targeted for late 2018. Gas deliveries to Europe are expected a year after first gas is produced in offshore Azerbaijan.

After the completion of the TAP pipeline, the Azerbaijani gas will be transported to Europe roughly at the beginning of 2020. Other gas sources can be connected to the pipeline at the later stages.

SGC is one of the biggest construction projects of our times with a value of $45 billion.

Moreover, the World Bank and the European Investment Bank are expected to allocate more than $2 billion loans together for the construction of TANAP pipeline.

The realization of this pipeline project will contribute to enhancing the EU's energy security and diversification of its gas supply routes.

Source: AzerNews

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