British Petroleum Launches $28 Billion Gas Pipeline in Azerbaijan
The pipeline bypasses Russia and has been supported by the European Union.
SEATTLE (Oil Monster): British petroleum giant BP has started operating a $28-billion pipeline in Azerbaijan to supply gas to Turkey and elsewhere in Europe, the company said on Monday.
The "Shah Deniz 2" development is "the starting point for the Southern Gas Corridor series of pipelines that will for the first time deliver natural gas from the Caspian Sea direct to European markets," BP said in a statement.
The pipeline bypasses Russia and has been supported by the European Union, which is keen to reduce Europe's energy dependence on Moscow.
"Together with the Southern Gas Corridor pipeline system, Shah Deniz 2 will deliver significant new energy supplies to Europe, further diversifying its sources of energy," said BP group chief executive Bob Dudley, quoted in the statement.
The giant Shah Deniz field holds about one trillion cubic metres of natural gas, according to BP estimates . The first phase of the exploration started in 2006.
Courtesy: www.economictimes.com
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