Business Turkmenistan
Azerbaijan’s capital Baku will host the 8th Ministerial Meeting of the Southern Gas Corridor (SGC) Advisory Council.
The event is expected to be attended by European Commissioner for Energy Kadri Simson, European Commissioner for Neighborhood and Enlargement Oliver Varhelyi, and high-level representatives from US, UK, Turkey, Georgia, Italy, Greece, Bulgaria, Albania, Croatia, Hungary, Montenegro, Romania, Serbia, North Macedonia, Moldova, Bosnia and Herzegovina, Ukraine and Turkmenistan, according to the Azerbaijani Energy Ministry’s press release.
Representatives from energy companies such as BP, BOTAS, TPAO, TANAP, TAP, SNAM, Fluxys, ICGB, Romgaz, SACE, SGC, Enagas, Uniper, TotalEnergies, Equinor, Lukoil and financial institutions such as the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank and other organizations will also attend the event. Representatives of the Saudi Arabia’s ACWA Power and the United Arab Emirates’ Masdar are also expected to attend this year’s meeting of the Advisory Council.
The 8th Ministerial Meeting within the Southern Gas Corridor Advisory Council will include plenary sessions on the Southern Gas Corridor: Achievements and Prospects – Extension of the SGC towards New Energy Markets, including the Western Balkans and Energy Transition – from Fossil Fuels and Methane Reduction Measures to a Carbon Neutrality: Paths, Challenges and Schedules.
The SGC is an initiative of the European Commission for a natural gas supply route from Caspian and Middle Eastern regions to Europe. The goal of the SGC is to diversify Europe’s sources of energy supply.
The SGC, with an estimated investment cost of approximately $40 billion, includes development of the Shah Deniz gas field in the Caspian Sea and 3,500-km chain of pipelines consisting of three projects – the South Caucasus Pipeline via Azerbaijan and Georgia, the Trans Anatolian Pipeline (TANAP) across the Turkish territory and the Trans Adriatic Pipeline (TAP) crossing Greece and Albania to reach Italy.
The first commercial gas from Azerbaijan reached the European market via the SGC in December 2020. The Caspian littoral country of Turkmenistan is home to the world’s fourth largest proven natural gas reserves.
