Gas sourcing in Europe is promising, Greek ambassador says

The delivery of Caspian volumes though the Southern Gas Corridor and TAP makes gas sourcing in Europe very promising, Greek Ambassador to Azerbaijan Nicolaos D. Kanellos told Trend.

The ambassador added that access to LNG in the Aegean as well as the potential of the development of gas resources in the East Med and the possibility of its transit to Europe, also make gas sourcing promising.

"Especially, the prospects for the Southern Gas Corridor look as promising as ever and all parties are committed to seeing the quantities of Azerbaijani gas reaching Western Europe by the end of the decade,” he stressed.

Further he pointed out that Greece strongly supports the implementation of the Vertical Gas Corridor for achieving energy security and diversification of energy routes in our region.

"We understand the Vertical Corridor as an energy chain linking infrastructure in our broader neighborhood, promoting regional cooperation (Greece-Bulgaria-Romania-Hungary, possibly Ukraine, Serbia and Republic of Moldova),” Kanellos said.

Interconnector Greece-Bulgaria (IGB) as an essential part of the Vertical Corridor, constitutes a priority project not only for Greece and Bulgaria but also for the EU’s energy strategy, according to him.

IGB is a strategic project for the diversification of sources and routes for the supply of natural gas to the Southeast European region. Its construction will provide Europe with natural gas from additional sources, in particular from the Caspian region through the Trans Adriatic gas pipeline, as well as liquefied natural gas from Greece.

The Greece-Bulgaria Interconnector is among the seven priority projects for the EU and is part of the Initiative for Gas Connectivity in Central and Southeastern Europe (CESEC). The implementation of the pipeline will contribute to connecting the energy markets, increasing competition and ensuring security of gas supplies in Southeast Europe.

Kanellos underlined that Greece, as an EU member-state, supports the EU’s policy for the diversification of energy sources and routes.

"In this context, we believe that no country should depend entirely on one single supplier, through an exclusive route of energy sources. It is obvious that our efforts should be aimed at diversification and integration, which will make our markets more competitive,” the diplomat concluded.

IGB is a gas pipeline, which will allow Bulgaria to receive Azerbaijani gas, in particular, the gas produced from Azerbaijan's Shah Deniz 2 gas and condensate field. IGB is expected to be connected to TAP via which gas from the Shah Deniz field will be delivered to the European markets.

The initial capacity of IGB will be 3 billion cubic meters of gas.