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Azeri gas project investment decision to be made on Tuesday

Mon, 16th Dec 2013 13:43

BAKU, Dec 16 (Reuters) - A final investment decision on aproject to supply European buyers with gas from Azerbaijan'sShah Deniz II field will be signed in Baku on Tuesday, the UKambassador to Azerbaijan said.

"The documents to be signed in Baku on December 17 include afinal investment decision on the $25-billion Shah Deniz naturalgas development and the Trans-Anatolian (TANAP) andTrans-Adriatic (TAP) gas pipeline projects," Irfan Siddiq saidin a statement.

The investment decision is crucial for the future of theproject, seen as one of the alternative routes to supply gas toEurope, which is trying to lessen its dependence on energysupplies from Russia.

The Shah Deniz consortium and its partners will sign 39documents at a ceremony that will be attended by Azeri PresidentIlham Aliyev and senior officials from European countries.

Earlier this year, Azeri state energy company SOCAR andpartners including BP and Statoil selected theTrans Adriatic Pipeline (TAP) for potential gas deliveries toEurope over its Austria-based rival Nabucco West.

TANAP will be built from the Turkish-Georgian border toTurkey's border with Europe, with its preliminary total costestimated at $20 billion.

The TAP and TANAP pipelines will utilise Azerbaijan's vastShah Deniz II project in the Caspian Sea, one of the world'slargest gas fields, and help Europe reduce its reliance onRussian gas.

Buyers of Azeri gas from its Shah Deniz II project are Shell, Bulgargas, Gas Natural Fenosa, Greek DEPA, Germany'sE.ON, France's GDF Suez, Italian regionalutility Hera Trading, Switzerland's AXPO andItaly's Enel.

"Attention of the EU to the search of new ways to delivergas is focused on Azerbaijan, notably on the giant field ShahDeniz, which lays the foundation of the Southern gas corridor,"Edita Novak, the EU delegation adviser on energy, toldreporters.

From around 2019 Shah Deniz II is expected to feed 16billion cubic metres (bcm) of gas per year to Europe, with 10bcm earmarked for Europe and 6 bcm for Turkey.

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UK dividends calendar - next 7 days

Friday 22 March 
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Monday 25 March 
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Tuesday 26 March 
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(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

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(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

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15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

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15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

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BP details green credentials in similar push towards net zero as Shell

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