Press Statement
Richard Boucher
Washington, DC
February 28, 2003

U.S. Welcomes Approval of Shah Deniz Natural Gas Project in Azerbaijan

The United States welcomes the announcement that the Shah Deniz natural gas project in Azerbaijan has been approved by its commercial partners and is now entering the construction phase. This project includes the South Caucasus Gas Pipeline, running from Baku through Tbilisi to Eastern Turkey. Its approval is a milestone in the development of the East-West Energy Corridor, which also includes the Baku-Tbilisi-Ceyhan oil pipeline.

Gas from Shah Deniz will:

contribute to the economic development of Azerbaijan for decades to come;

enhance Georgia's energy security by diversifying supply; and

bring a reliable and competitive supply of gas into the Turkish market.

With the potential to produce up to 20 billion cubic meters of natural gas annually, Shah Deniz can also play a significant role in supplying markets in Southeastern Europe. The recent announcement that Greece and Turkey will build a gas interconnection underscores the interest in that region in developing energy links with Caspian producers.

Released on February 28, 2003

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