Investment Agreement Shah Deniz 2 Signed

Baku hosts signing ceremony on the investment decision regarding the project Stage 2 Shah Deniz.

Speaking at the ceremony , the head of Azerbaijan Ilham Aliyev described the signing of the document a historical event. According to him, Shah -Deniz is " the largest energy project in the world."

At the ceremony were also involved the president of Montenegro , the prime ministers of Albania, Bulgaria, Croatia, Georgia , British Foreign Secretary , EU Commissioner for Energy Gunther Oettinger , Deputy Foreign Minister of Italy , heads of leading international energy companies in the world .

Note that the project Stage 2 is estimated at $ 25 billion . However, during the implementation its cost could rise by 20%.

Stage 2 provides for the construction of two new offshore platforms , drilling 26 subsea wells , building to a depth of 550 meters to 500 km of pipelines, construction on the territory of Azerbaijan the new pipeline , and in Georgia - new gas compressor stations , as well as expansion of the Sangachal terminal.

Within the project Stage 2 it is planned to extract from the depths of about 360 billion cubic meters of gas .

The contract to develop the offshore field Shah Deniz was signed June 4, 1996 . Participants to the agreement are: BP ( operator ) - 25,5%, Statoil - 25,5%, NICO - 10 %, Total - 10 %, LUKoil - 10 %, TPAO - 9 %, SOCAR - 10%.

Gas which will be produced under Stage 2 will be exported to Turkey (6 billion cubic meters) and Europe ( 10 billion cubic meters ) . -12V -