Arab Today, arab today azerbaijan seals investment deal to send gas to europe
Last Updated : GMT 03:27:56
Arab Today, arab today
Arab Today, arab today

Azerbaijan seals investment deal to send gas to Europe

Arab Today, arab today

Arab Today, arab today Azerbaijan seals investment deal to send gas to Europe

Baku - AFP

The consortium developing an immense Azerbaijani natural gas field in the Caspian Sea signed on Tuesday a final investment deal that paves the way for the first deliveries to Europe. The Shah Deniz II consortium signed off on the final decision worth about $28 billion (20 billion euros) of investment that triggers the start of construction of a major new pipeline to Europe. The move is seen as a key step toward European ambitions of reducing its energy dependence on Russia. "Today's agreement will change the energy map of Europe," Azerbaijani President Ilham Aliyev said at the signing ceremony in Baku. "Azerbaijani gas can now reach the market that needs it the most." In June the Shah Deniz group -- which comprises Britain's BP, Azerbaijan's SOCAR, Norway's Statoil and France's Total -- opted to build the shorter and cheaper Trans-Adriatic Pipeline (TAP) that will link up to southern Italy. "Shah Deniz II and the Southern Corridor pipelines will not only change the energy map, but will give customers in Europe direct access to the gas resources of Azerbaijan for the first time," said BP chief executive Bob Dudley. That decision appears to deliver the final nail in the coffin of a long-favoured rival project called Nabucco, which would have swung north to Austria to plug into a pipeline network that serves several northern European countries. The consortium developing the Azeri field aims to extract 16 billion cubic metres (560 billion cubic feet) of gas per year from under the Caspian Sea. Six billion cubic metres will go to Turkey and Georgia from 2018 and the rest will go to Europe from around 2019, the consortium says. In September the group sealed delivery deals with nine firms across Europe. The whole project will help reduce Europe's dependence on gas from Russia -- a stated EU target. EU countries currently import 60 percent of their gas needs, with more than a quarter of that amount supplied by Russia.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today azerbaijan seals investment deal to send gas to europe Arab Today, arab today azerbaijan seals investment deal to send gas to europe

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 19:50 2017 Saturday ,18 February

OPEC daily basket price announced for Wednesday

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday