Turkey, Azerbaijan sign key deal on gas transit

16:52, June 08, 2010      

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Turkey and Azerbaijan Monday signed a long-awaited deal on the transit of gas to Europe seen as crucial to plans to reduce the continent's dependence on Russian gas.

The memorandum of understanding sets the tariffs Turkey will charge for the transit of Azerbaijani gas to Europe and also fixes the price of gas that Azerbaijan sells to Turkey, Turkish Energy Minister Taner Yildiz told reporters in Istanbul after inking the document with his Azerbaijani counterpart Natiq Aliyev.

"Azeri gas is a very important source in meeting the needs of Turkey and European countries in the coming period in terms of energy security," Yildiz told reporters.

The agreement will open the way for securing supplies to the EU's flagship Nabucco gas pipeline project, he added.

The agreement fixes the price and amount of gas to come from the second phase of production at Azerbaijan's vast Shah Deniz fields, expected to begin in 2016 at the earliest, Yildiz said.

Yildiz refused to disclose the financial details of the deal.

The 3,300-kilometer Nabucco pipeline between Turkey and Austria, scheduled to be completed by 2014, is the key component of the EU's ambitious Southern Corridor plan to bypass Russia in bringing Caspian Sea gas through Turkey to Europe.

Energy-rich Azerbaijan is seen as a key potential supplier for Nabucco, which is competing with Russia's South Stream pipeline project to meet gas demands in Europe.

Source: Global Times

(Editor:黄蓓蓓)

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