The Southern Gas Corridor has proven beyond any doubt, in the two years since it became operational, its strategic importance to Europe’s energy security, said President of Romania Klaus Iohannis.

He was addressing the 9th Southern Gas Corridor Advisory Council Ministerial Meeting and 1st Green Energy Advisory Council Ministerial Meeting in Baku on Feb.3.

“We have to commend all those who showed vision, political will and determination to make this Corridor a reality,” he said, adding that the Corridor becomes even more important at this particular time, especially when one talks about energy security.

Iohannis pointed out that against this background, the European Union and the Member States have taken decisive steps to substantially reduce the dependence on unreliable gas sources, as they carry a geopolitical price tag that is just too high to pay.

“This strategic course of action towards trustworthy partners such as Azerbaijan has been long advocated by Romania,” he added.

Southern Gas Corridor started transportation of Azerbaijani gas to Europe on December 31, 2020. It transports of gas from the Caspian Sea region to European countries through Georgia and Türkiye.

This large-scale project is aimed at the diversification of energy supply routes and sources, thereby contributing to strengthening Europe’s energy security. The project’s cost totalled $33 billion, as compared to the forecast $45 billion. Capital expenditures on the SGC project are expected to be fully reimbursed within 8-10 years.

Azerbaijan’s export of natural gas to the European Union market will stand at 11.6 billion cubic meters as of 2023. Total export of natural gas from Azerbaijan this year will be almost 24.5 billion cubic meters.