Russia welcomes launch of Southern Gas Corridor

By  Trend

Russia welcomes diversification of gas supplies to the European market, as this creates market conditions for work, said Russian President Vladimir Putin, speaking about the launch of the Southern Gas Corridor by Azerbaijan, RIA Novosti reported.

"As for the Southern Corridor from Azerbaijan, we welcome any economic activity in this area. We welcome diversification of energy supplies to the European market, because this creates market conditions for work. We are interested exactly in creation of market conditions,” said Putin at a press conference following the talks with Bulgarian Prime Minister Boyko Borisov.

The official opening ceremony of the Southern Gas Corridor was held in the Sangachal terminal, Baku, May 29.

The Southern Gas Corridor, worth over $40 billion, is considered as one of the priority energy projects for the EU, which strives for diversification of gas sources. The project envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.

At an initial stage, the gas to be produced in the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.

As part of the Shah Deniz Stage 2, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).