The European Bank for Reconstruction and Development (EBRD) is considering financing of up to $1,7b for the Trans-Adriatic gas pipeline in a record loan, its Managing Director of Energy said.

The Southern Gas Corridor, a project of pipelines which will transport gas from the Shah Deniz field in Azerbaijan to European markets for the first time in history, is running on time and on budget, a BP senior executive said.

The EU has a clear interest to work with Azerbaijan on energy, regional security, the rule of law, and fundamental freedoms, EU High Representative for Foreign Affairs and Security Policy, Federica Mogherini, said.

Norway's oil and gas producer, Statoil ASA has announced a divestment of its 20 % interest in the Trans Adriatic Pipeline to Italian gas pipeline operator, Snam SpA, worth $220m (€208m), expected to be finalized by end 2015.

Being a strategic partner and friend of Azerbaijan, the US will continue cooperating on the Southern Gas Corridor project and other projects to be implemented in the future, Special Envoy and Coordinator for International Energy Affairs at the US Department of State Amos Hochstein told reporters July 11.