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Azerbaijan plans to borrow $7 bn for gas projects

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Southern Gas Corridor (SGC) closed-type joint stock company (JSC) is going to borrow about $7 billion, SOCAR President Rovnag Abdullayev told journalists.

TANAP-multi3He said for this purpose we have been working with many banks.

“SGC has already borrowed $1 billion at the expense of  placement of Euro bonds. Until the end of the year we plan to borrow extra $1.5 billion. We have established cooperation with the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and Asian Development Bank (ADB).  We are going to borrow about $7 billion of long-term and cheap credits for the project,” Abdullayev added.

According to Caspian Barrel’s estimates, total commitments of SGC total about $11 billion till the end of 2020. Until beginning of 2016 about $5 billion have been spent for the Shah Deniz 2 project, $1 billion for construction of Trans Anadolu (TANAP) gas pipeline and 600 million Euro for Trans Adriatic gas pipeline (TAP) project.

* SGC has been created by the Azerbaijani President’s decree No 287 of February 25, 2014. SGC was created to manage state assets in the Shah Deniz project and the infrastructure projects, such as expansion of SGC, TANAP and TAP. 51% shares of JSC are owned by the state (Ministry of Economy) and 49% by SOCAR.

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