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Turkish Minister of Energy: We have signed an agreement with Azerbaijan that will change the existing balance in the region

29 October 2011 12:35 (UTC +04:00)

Baku â€“ APA. â€œWe have signed an agreement with Azerbaijan that will change the existing balance in the region,â€ Turkeyâ€™s Minister of Energy and Natural Resources Taner Yildiz told local journalists, APA reports quoting Haberturk. He said the agreement signed with Azerbaijan on Shah Deniz 2 project is the only real document signed in the area of natural gas in the region.

Minister said with this agreement Turkey demonstrated to Europe its decisiveness in the transfer of natural gas.
â€œWe have included the construction of the new pipeline into the agreement. This pipeline is a strong alternative, but is not designed against Nabucco,â€ he said.

Taner Yildiz said the companies in Shah Deniz consortium will invest approximately $22 billion in this project and the first gas will be transported in 2018.
â€œWithin the framework of this project Turkey will import 6 billion cu m of gas. We have the right to reexport this gas. 10 billion cu m of gas will be exported to Europe,â€ he said.

Minister said the right of revision of prices of the natural gas purchased by Turkey from Azerbaijan within the framework of Shah Deniz 1 project had been frozen.

Turkey pays for Azerbaijanâ€™s natural gas 30% less than for the gas purchased from other countries.