The final investment decision on the Shah-Deniz-2 project will lead to strategic changes and will provide access to energy resources to Europe, British Foreign Minister William Hade, said at the ceremony of signing of the final investment decision on the Shah-Deniz-2 project in Baku.
He said creation of the Southern Gas Corridor was needed for several reasons. “These are - supplying Europe with gas throughout the entire route, discovery of new sources of energy, which will lead to reduction of dependence on a single transit system,” said Hade. He added that this will provoke competition at the European gas market, which will eventually lead to reduction of prices.—0---
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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