The construction of the main part of the Trans-Caspian Interconnector project, according to preliminary estimates, will take about four months and require an investment of $400 million, Director of the Advisory Committee of the US-based Trans Caspian Resources company Natalie Costello said.
Costello made the remarks during the international investment forum Oil and Gas of Turkmenistan (OGT-2022), which opened on Tuesday, the Interfax-Azerbaijan news agency reports.
The foundation for the project would be the existing Caspian infrastructure in Turkmenistan and Azerbaijan, she said.
Trans Caspian Resources last year presented its Trans-Caspian Interconnector project, a smaller, compared to the Trans-Caspian pipeline, gas transmission line from Turkmenistan to Azerbaijan. The entire project at the time was estimated at $500-800 million, and the period of its implementation - 24 months.
At the forum, Costello stated the interconnector will make it possible to deliver Turkmen natural gas to Azerbaijan and further to Transcaucasia, Turkey and other countries that will need the "blue fuel".
According to her, the interconnector will deliver 10-12 billion cubic meters of natural gas per year. Speaking about the benefits of the project, Costello said Ashgabat will get an additional route to diversify the supply of its resources.
"The current situation in the energy market makes many countries reconsider their views on energy security," Costello said.
The EU is demonstrating a desire to diversify its natural gas purchases and has begun to take active steps in this direction. Therefore, it is very important to take advantage of the existing infrastructure in order to expand gas supply through relatively small investments, said Costello.
The total natural gas reserves of Turkmenistan are estimated at 50 trillion cubic meters. Of these, the reserves of the country’s Galkynysh field are more than 27 trillion cubic meters.
China and Russia are currently the major importers of Turkmen natural gas. The Turkmenistan-Afghanistan-Pakistan-India gas pipeline is under construction.