Posted on 04/23/2002 10:08:25 PM PDT by Spar
Azerbaijan Can Sell 1.5 BCM Gas A Year To Greece By 2007
Tue Apr 23,10:21 AM ET
BAKU , Azerbaijan -(Dow Jones)- Azerbaijan has the potential to sell up to 1.5 billion cubic meters of natural gas to Greece a year by 2007 from the Shah-Deniz field, Natig Aliyev, president of the State Oil Company of the Azerbaijani Republic, Socar, said Tuesday.
A delegation of Greek officials, headed by Greek Development Minister Akis Tzohadzopoulos, met its Azerbaijani counterparts Tuesday in Baku to discuss possible supplies of Azerbaijani gas to Greece and then on to other European countries.
Azerbaijan 's Shah-Deniz field has reserves of 700 bcm of gas and 300 million metric tons of gas condensate and will start to be developed in 2005 at a rate of 4-5 bcm a year.
Aliyev said Azerbaijan can only start by supplying Greece with 1.5 bcm a year, as Azerbaijan already has an agreement with Turkey to supply 6.6 bcm until 2007, which has priority.
"It's possible that, as a result of further talks between Azerbaijan and Greece , we can later increase gas extraction from Shah-Deniz and increase supplies to Greece ," Aliyev said.
"This is an economically feasible project for Azerbaijan and its European partners," Aliyev added.
Tzohadzopoulos said Germany , France and other European countries are bound to be interested, as they can meet only 20-30% of their local demand, having to import the rest from Russia , which can now be replaced by Azeri gas.
Greek Prime Minister Costas Simitis said last week Greece would invest $14.5 billion to modernize its energy networks to become the "energy hub of the Balkans."
On March 28 , Greece and Turkey signed a $300-million deal to extend an Iranian natural gas pipeline from Turkey into Greece as well as to enable Greece to receive more supplies of natural gas by 2005 from Azerbaijan , Russia and Iran .
-By Aida Sultanova and Anna Ivanova-Galitsina, Dow Jones Newswires; 7095-974- 8055; anna.galitsina@dowjones.com
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2002 Dow Jones & Company, Inc. All Rights Reserved
That is the name of the "Great Game" is it not?
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On March 28 , Greece and Turkey signed a $300-million deal to extend an Iranian natural gas pipeline from Turkey into Greece
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Greek Prime Minister Costas Simitis said last week Greece would invest $14.5 billion to modernize its energy networks to become the "energy hub of the Balkans."
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