Huge investments needed for development of Azeri natural gas further exploitation

To activate the second stage of the Shahdeniz natural gas field will require up to USD 22 bln according to the Vice President of the state oil company of Azerbaijan SOCAR, Elshad Nasirov. As a result, a serious evaluation will be carried out to finalize prices for Azeri gas. Nasirov stated that after the disaster at the nuclear power station in Japan, demand for natural gas increased. He also highlighted that it is not in the country’s interests to have only one buyer of its gas. Russia expressed its willingness to buy all gas produced in Azerbaijan but the latter prefers diversification of its markets. Therefore Azeri gas is sold in Iran, Russia, and European countries. Azerbaijan thinks that its markets in which it is selling its gas should be diversified.