SOCAR announces details of joint declaration by Southern Gas Corridor Advisory Council members
25 February 2015 16:38

In order to secure the favourable financing of participants of the projects being implemented within the Southern Gas Corridor, new efforts to form a transparent, predictable and stable legislative environment and develop more efficient mechanisms to attract national and European financial institutions will be considered

Baku. Aghsin Rafigoglu – APA-Economics. The State Oil Company of the Azerbaijan Republic (SOCAR) has announced details of joint declaration by Southern Gas Corridor Advisory Council members, APA-Economics reports quoting SOCAR.

According to declaration, reliable supply and providence of safety of energy transportation to the world markets are the most important factors in sustainable development.

“We once more repeat the increasing significance of strategic cooperation and our intention for strengthening and extension of activities based on mutual benefit for successful implementation of the Southern Gas Corridor”, the declaration said.

The document also says that in order to secure the favourable financing of participants of the projects being implemented within the Southern Gas Corridor, new efforts to form a transparent, predictable and stable legislative environment and develop more efficient mechanisms to attract national and European financial institutions will be considered: “We confirm relevant legislative and initial legal requirements, including preparation of relevant countries for permission and confirmation decision demanded for start of activities on projects to be implemented within the Southern Gas Corridor. We once more confirm significance of development of energy relations and take into account the importance of continuation of policy being conducted for diversification of routes to transport energy from Azerbaijan to Europe and other markets”.

Moreover, the declaration says that development of strategic infrastructure is supported to productively use existing format of European Union regarding issues of implementation of project and there is concrete approach to the Southern Gas Corridor with the support of European Commission: “In order to practically and timely solve the issues to be arisen during the implementation of the Southern Gas Corridor, we consider to conduct clear working consultations in the bilateral and multilateral format with the potential future participants of the Southern Gas Corridor”.

The first meeting of ministers within the Advisory Council of the Southern Gas Corridor was held in Baku on February 12. At the end of the meeting, the authorized representatives of Azerbaijan, Albania, Bulgaria, Greece, Georgia, Italy, Turkey, United Kingdom, USA and Vice-President of the European Commission signed a joint declaration.