1 April 2022
As a result, by dint of Decision No producing countries, coupled 1364/2006/EC, the EU officially established Natural Gas Route 3 (NG 3); known as the with the low level Southern Gas Corridor within the framework of the new European energy security of gas storage in strategy, it would for the first time connect the European markets with the Caspian Sea the summer of and the Middle East3. [...] The resource base of the Southern Gas Corridor As the literature describes, as far as South- Eastern Europe is concerned, the concept behind the establishment of the Southern Gas Corridor over the last decade has been to reduce gas dependence on Russia. [...] 6 nd The 2 Phase of the EU Southern Gas Corridor: Which role for Azerbaijan? light of current geopolitical developments in Ukraine, and the next generation of Azeri offshore fields are considered of vital importance as a first diversification source for the 2nd Phase of the Southern Gas Corridor and the future interconnections in South Eastern Europe19. [...] In the light of the ongoing energy crisis and Europe’s more coordinated efforts to distance further from Russian gas, the European Commission expects American LNG imports to rise significantly in the years ahead, and is therefore promoting the construction of LNG terminals across Europe, from the Baltic to the Aegean. [...] In the light of the Eastern and above, it is evident that the EU is seeking to create a network of gas pipelines and Central Europe, interconnectors across South Eastern and Central Europe, with Northern Greece serving […] as the first as the main transit hub for Caspian natural gas and LNG from the US, and potentially realistic other sources too, as the first realistic alternative to Russian natu.