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Southern Gas Corridor participating countries see no problems with financing — official

The Southern Gas Corridor is a system of existing gas pipelines and those under construction, which, after the modernization, should link the EU with the Caspian region bypassing Russia

© EPA/ROLAND WEIHRAUCH

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BAKU, February 29. /TASS/. Countries participating in the Southern Gas Corridor, despite the global economic crisis, have confirmed their commitments to the project, Vice President of the European Commission in charge of Energy Union. Maros Sefcovic said Monday.

"The global economic recession to some extent affected the implementation of the project. However, all parties expressed their readiness to fulfill their obligations relating to the implementation of the project," he said.

In turn, the Minister of Energy of Azerbaijan Natig Aliyev said that there was a consensus at ministerial meeting, that the Southern Gas Corridor is a strategic project that is important for all parties. The Minister noted that there are no problems with financing the project from the side of Azerbaijan. Aliyev also said that the issues related to the financing of the Trans Adriatic Pipeline, which is a part of the Southern Gas Corridor, would be reviewed in April.

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"Whatever processes may occur in the market, we are ready for it," the Minister of Energy of Azerbaijan said.

The Southern Gas Corridor is a system of existing gas pipelines and those under construction, which, after the modernization, should link the EU with the Caspian region bypassing Russia. It includes the South Caucasus pipeline, the Trans-Anatolian pipeline and the Trans-Adriatic pipeline. The Southern Gas Corridor passes through Azerbaijan, Georgia, Turkey, Greece, Albania and Italy. The offshore block Shah Deniz -2 in the Caspian Sea is considered to be the main source of gas for it. However, if the Trans-Caspian pipeline is incorporated into the project, an opportunity will emerge to transport the Turkmen gas along the Southern Gas Corridor. It is planned to export 16 billion cubic meters of gas per year through the pipeline, including 6 billion - in Turkey, 10 billion - in Europe.

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