Azerbaijan Could Take Stake in DEPA, ITGI Pipeline

The Greek Minister for the Environment, Energy and Climate Change Giorgos Papakonstantinou has said that the ITGI (Interconnector Turkey-Greece-Italy) pipeline could be one of the most beneficial projects for Azerbaijan, the EU and Greece.

Speaking in Baku, Azerbaijan, Minister Papakonstantinou said that the State Oil Company of Azerbaijan Republic (SOCAR) have an opportunity to participate with the consortium of nations on the ITGI pipeline. He said that there are two methods for Azerbaijan to get involved.

"The first option is to acquire a stake in the consortium itself, where DEPA and Edison have stakes by 50 percent," he said. "The second method is to privatize the control package of DEPA and gas pipeline company DESFA. The process of their privatization continues, and we’ll be glad if SOCAR participates in it."

Minister Papakonstantinou said that the proposal could prove very beneficial to Azerbaijan in the future.

"The ITGI project has several advantages unlike other projects," he said.  "Firstly, ITGI will be ready to ensure the start of Azeri gas export to Greece and Bulgaria in 2012 or 2013,  and from 2017, when exporting from Shah Deniz 2 begins to Italy. Secondly, access to customers--ITGI provides the maximum number (of customers) in South-Eastern, Southern and Western Europe. Third, the reality of the project--it is technically implemented and can be realised in the near future. And finally, the fourth and most important advantage is the price of building the gas pipeline system --1.5-2 billion euro, including 1.5 billion euro already guaranteed by a consortium of three European financial institutions."