ECONOMY

Greek-Azeri gas deal to be ‘mutually beneficial’

Greece will become the first European Union country to receive natural gas from Azeri reserves through the so-called South Stream, i.e. the Trans Adriatic Pipeline (TAP), according to the head of the Azeri state-run firm Socar, Ibrahim Abdullayev.

In a rare interview to foreign media, the Socar president confirmed that negotiations between his company and Greek gas company DEPA about the natural gas quantities Greece will acquire from the Shah Deniz II reserve and at what price have been completed, with an agreement set to be signed in the Azeri capital of Baku within the next 10 days.

The head of the Socar negotiating team, Vitaly Bailarbayov said that both sides are happy with the outcome of talks. “DEPA knows the details of other deals it has made” he said.

“A mutually beneficial agreement has been reached that will be long-term and will bring about closer cooperation between the two countries, starting from the energy sector and stretching to other domains as well,” Bailarbayov added.