During the 9th Eurasian Economic Summit of the Marmara Foundation, on 8-9-10 May 2006 in Ýstanbul three Ministers of Energy of Turkey, Azerbaijan and Georgia came together and realized a very special meeting and removed the barriers in front of the Shah Deniz Natural Gas Project.
Dr. Hilmi Güler – Minister of Energy of Turkey, Natiq Aliyev – Minister of Energy of Azerbaijan and Nikoloz Gilauri – Minister of Energy of Georgia reached a consensus about some important issues of Shah Deniz Project and reached the final agreement. According to the Project, natural gas discovered in the Shah Deniz Region will be connected to Erzurum with a line parallel to Bakü-Tbilisi Line. With its length of 1050 kilometers this line will have a capacity of 22 billion m3. Till 2015, 89 billion m3 natural gas will be exported to Turkey and a part of this amount will be exported to the European Countries.
British Petroleum and National Oil Company of Azerbaijan have share of %25, National Oil and Natural Gas Company of Turkey (TPAO) has a share of %10 in the Project. The total amount of the project will be 2,8 billion US dollars.
This final agreement that the Ministers reached during the 9th Eurasian Economic Summit is a milestone in the development of the East-West Energy Corridor.