Cameron: Azerbaijan Helping to Open Southern Gas Corridor

British Prime Minister David Cameron has said that Azerbaijan holds the key to unlocking the Southern Gas Corridor, making the country and its resources essential to the global energy market.

Speaking on the 19th Caspian Oil and Gas Exhibition in Azerbaijan today, the prime minister also said the country played an important role in the diversification of energy supply to Europe.

"Azerbaijan is at the heart of a region whose energy resources will play a vital role in the world economy in the years to come," the Trend News Agency reports him as saying. "Azerbaijan has been playing a central and active part in unlocking those resources for the benefit of all.

"The landmark Inter-Governmental Agreement negotiated late last year, coupled with the announcement of work towards the Trans Anatolian Pipeline (TANAP) for the transport of Shah Deniz gas to Europe, will help make the Southern Gas Corridor a reality. This marks a step change in the diversification of European energy supplies..."

Prime Minister Cameron praised the fostering of strong ties between the UK and the massive gas producing country, referencing particularly British major BP.

"We are delighted that BP, the largest single foreign investor in Azerbaijan, has been so closely involved."

BP is the operator of the Shah Deniz field with a 25.5 per cent stake, an equal stake to that of Statoil. Azerbaijan's SOCAR holds a 10 per cent stake in the project, in common with Total, LukAgip and OIEC. TPAO holds the remaining 9 per cent stake.