Azerbaijan financed its obligations in international gas projects by 77%

Investments of the Closed Joint-Stock Company Southern Gas Corridor within the framework of Shah  Deniz-2 projects and gas pipelines: the expansion of the South Caucasus Pipeline, TANAP and TAP until March 2018 amounted to $ 8.8 billion.

As Caspian Barrel was informed in the CJSC, these investments reflect the costs of Azerbaijan’s equity participation only.

The company noted that the total amount of costs that the CJSC required for the project from 2014 to 2020 fell from $ 11.7 billion to $ 11.5 billion. “Of this amount to date, $ 8.8 billion, or 77 percent of the required funds, have been invested,” the company said.

We note that the CJSC plans in 2018 to invest $ 1.3 billion in financing its equity participation in the project.

The Southern Gas Corridor, which costs about $ 40 billion, is one of the priority projects for the EU and provides for the transportation of 10 bcm of Azerbaijani gas to Georgia and Turkey to Europe starting in 2020.

Southern Gas Corridor CJSC was established by the order of the President of Azerbaijan from February 25, 2014 with the aim of financing the share of Azerbaijan in international gas projects. The founders of the company are SOCAR – 49% and the Ministry of Economy – 51%.