The U.S. State Department recently announced that the Southern Gas Corridor would play a role in transporting Azerbaijani gas to southern Europe and ensuring energy security.
Carlos Pascual, the department's special envoy and coordinator for international energy affairs, made the remarks during a presentation at the Atlantic Council called "Crisis in Ukraine: Energy Factor," AzerNews reports.
The gas produced at the second stage of Azerbaijan's Shah Deniz field development will be the main source of the Southern Gas Corridor. The corridor is meant to transport Caspian gas to European markets.
The Shah Deniz consortium announced the selection of the Trans Adriatic Pipeline as the main route for transporting its gas to Europe in late June. Nabucco West was an alternative pipeline competing for Azerbaijan's gas transportation to Europe.
Pascual also discussed gas supply disruptions in Europe, legal aspects impeding the sale of imported gas to the third countries and shortcomings in Europe's energy security.
He said Europe's demand for liquid petroleum gas is 11,887 gallons, but the volume is expected to rise in the future, AzerNews reports.
- UniCredit sells non-performing mortgage loans
- European Investment Bank lends millions to AccessBank to finance small businesses
- First Ukrainian International Bank among most transparent financial institutions in region, study says
- VTB Bank named best trade-finance bank in Russia by magazine
- AtaBank, Central Bank of Azerbaijan Republic host financial literacy event
- Richard de Keijzer named managing director for ABN AMRO Commercial Finance in the UK
- Galt & Taggart named Best Investment Bank in Georgia by Global Finance magazine
- Armeconombank customers can repay loans via Idram, EasyPay terminals
- Kapital Bank joins American Bankers Association
- CEO of ACBA-Credit Agricole Bank receives Tigran Mets medal