During the VII Ministerial Meeting of the Southern Gas Corridor (SAGC) Advisory Council, the President of Azerbaijan announced the completion of the final section of the project. Addressing the audience Ilham Aliyev noted that the construction of the pipeline was not an easy task and not everyone believed in its successful completion. But with the help of foreign countries and a number of international financial institutions the TAP project, the final segment of the South Caucasus Pipeline, has already been completed. The Azerbaijani leader congratulated the participants on the successful completion of the pipeline and thanked everyone who had helped to bring the project to life.
In his speech the President of Azerbaijan also noted that at the moment the only source of resources for the SOGC is the Shah Deniz field. However, work is underway to develop the country's energy resources, which implies the development of a number of gas fields. The Azerbaijani leader cited as an example such fields as Babek (gas deposits of 400 billion cubic meters), Absheron (350 billion cubic meters) and Umid (at least 200 billion cubic meters). In total, the state has confirmed gas deposits of 2.6 trillion cubic meters.
In addition, at the beginning of this year Azerbaijan Signs Memorandum with Turkmenistan on the joint development of the Druzhba gas field located in the Caspian Sea. In the future, the parties intend to conclude a final agreement and jointly conduct activities in this vein.
High-ranking delegates from Turkmenistan, Turkey, the United Kingdom, the United States, Italy, Greece and other states, the leadership of five global financial institutions, and 18 companies took part in the meeting.
European Commissioner for Energy Kadri Simson and European Commissioner for Enlargement and Neighborhood Policy Oliver Varghei addressed the participants during the opening session.
Members of the consortium reported on the completion of the installation of the Southern Gas Corridor, the head of the Azerbaijani Ministry of Energy Parviz Shahbazov and other heads of ministries and heads of delegations familiarized those present with their reports.