BAKU, Azerbaijan, November 23. Germany has put forth a proposal to enhance the Southern Gas Corridor by extending a new gas pipeline through the Alps, TurkicWorld reports.
German Chancellor Olaf Scholz made this statement during a joint press conference with Italian Prime Minister Giorgia Meloni in Berlin.
"It is of utmost importance to amplify the Southern Gas Corridor. Through the implementation of a new pipeline traversing the Alps, we aim to bolster the reliability of energy supplies to both our nations," he added.
The Southern Gas Corridor commenced the transportation of Azerbaijani gas to Europe on December 31, 2020, facilitating the movement of gas from the Caspian Sea region to European countries through Georgia and Turkey. The total cost of the project amounted to $33 billion, notably less than the initially forecasted $45 billion. Capital expenditures for the Southern Gas Corridor project are expected to be fully reimbursed within 8–10 years.
In July 2022, Azerbaijan and the EU reached an agreement to increase the volume of gas supplies via the Southern Gas Corridor from the existing 10 billion cubic meters to 20 billion cubic meters by 2027.