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Azerbaijan, ADB mull Southern Gas Corridor’s financing

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tanap_tubes_031116Azerbaijan’s Finance Minister Samir Sharifov and Vice-President of the Asian Development Bank (ADB) Wencai Zhang, who visited Baku, held a meeting, during which they discussed the financing of the Southern Gas Corridor (SGC) project, the Azerbaijani Finance Ministry said in a message.

The sides discussed the current state and future directions of cooperation, as well as water, road and other infrastructure projects that Azerbaijan implements jointly with the ADB.

“During the meeting, the parties discussed the Southern Gas Corridor project, the financing of which is envisaged in the ADB’s business plan on Azerbaijan for 2017-2019, reconstruction and development of railroad transportation systems, provision of technical assistance in various spheres, as well as projects aimed at reforms, issues of financial management and other areas,” said the message.

Wencai Zhang noted the sustainable economic development of Azerbaijan and expressed confidence that the implementation of Azerbaijan’s joint projects with the ADB will be continued successfully.

ADB, based in Manila, was established in 1966 and has 67 members. Azerbaijan became the organization’s member on Dec.22, 1999. The country has 0.5 percent share in the bank’s capital.

The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region to the European countries through Georgia and Turkey.

At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan’s Shah Deniz field is considered as the main source for the Southern Gas Corridor project. Other sources can also join this project at a later stage.

As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of TANAP and TAP.

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