Caspian Energy Journal Caspian European Club
Tuesday, 19 May 2015 10:00

Turkey can absolutely be energy hub

Turkey's natural gas hub potential is assured when the country's geographic location is considered, Ana Palacio, former foreign minister of Spain said Monday, Caspian Energy News ( reports with reference to Anadolu agency.

"Turkey can absolutely become an energy hub. It should understand the role that it is playing in its region, in this hub," Palacio told Anadolu Agency.

Turkey is a country surrounded by 80 percent of global oil reserves including main oil countries, Russia, Libya, Iran and Iraq.

According to Palacio, Turkey and Spain's relations have consistently been excellent and Spain has always supported Turkey's negotiations with the European Union.

"We had the same difficulties like Turkey while negotiating with the EU. That makes us close. In the area of energy also, we see the importance of Turkey as a hub and we need this to diversify resources and to strengthen supply security. In Spain as well, we are not dependent on Russian gas but on Algerian gas. Our issue is we need interconnections, what we have is a big infrastructure for LNG terminals," she stressed.

Spain's energy company, Enagas, holds stakes in the Trans Adriatic Pipeline, TAP, project which is the western part of the 3,500 kilometer-long Southern Gas Corridor that will carry natural gas from the Caspian Sea near Azerbaijan to Italy in Europe.

TAP will connect with TANAP on the east at the Greek-Turkish border and will cross to northern Greece, Albania and the Adriatic Sea to connect with the Italian natural gas network at southern Italy, stretching 870 kilometers.

BP, SOCAR and Statoil have equal 20 percent stakes in TAP, Fluxys has 19, Enagas has 16 and Axpo has a 5 percent share.

The Trans Adriatic Pipeline's groundbreaking ceremony was held in Baku, on Sept. 20. The pipeline is expected to be completed in 2018, with its first gas sales to Georgia and Turkey scheduled for later in the year. Its first deliveries to Europe are expected to follow about one year later in 2019.

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