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Azerbaijan receives proposal for transportation of Shah Deniz gas on ITGI project to Europe

01 October 2011 12:16 (UTC +04:00)

"We have made an offer," the person said. Oct. 1 is the deadline for interested projects to make an offer to transport the first sizeable volumes of Caspian natural gas expected to reach Europe in the next decade.

The consortium of companies--that includes energy giants such as BP PLC (BP, BP.LN)--developing the Shah Deniz II gas field offshore Azerbaijan is expected to pick a winner by the end of the year.

ITGI is sponsored by Italy’s energy company Edison SpA (EDN.MI) and Greece’s DEPA. Edison and DEPA have formed a joint venture called IGI Poseidon, which is the entity that made the offer. It is competing with a similar project, the Trans Adriatic Pipeline, and much bigger and more expensive Nabucco pipeline from Turkey to Austria.