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Azerbaijan fulfills 78% financial commitments to Southern Gas Corridor

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As per date $ 8.9 bln was invested in Southern Gas Corridor (SGC) projects by the “Southern Gas Corridor” CJSC and its subsidiaries. 

Report was informed in the “Southern Gas Corridor” CJSC. It was noted that $ 0.4 billion of this amount accounted for previous period of this year, while $ 2.3 billion for 2017. As per date “Southern Gas Corridor” CJSC has fulfilled 78% of its financial commitments in the projects.

Notably, “Southern Gas Corridor” CJSC was established by Azerbaijani President`s decree “On some events connected with the second stage of the Shah Deniz gas condensate and other projects related to establishment of the Southern Gas Corridor” dated February 25, 2014. It is a closed joint stock company, 51% shares as state property owned by the Ministry of Economy and 49% SOCAR. “Southern Gas Corridor” CJSC is a company representing Azerbaijan’s interests in the international SGC gas project.

Notably, the Southern Gas Corridor is a project to transport the gas, produced in the second phase development of “Shah Deniz” field in the Azerbaijani sector of the Caspian Sea to Europe. Shah Deniz 2 project, South Caucasus Pipeline Expansion, the Trans-Anatolian Pipeline (TANAP), Trans Adriatic Pipeline (TAP), which will extend from Greece, Albania and the South of Italy with the bottom of the Adriatic Sea, are key components of the Southern Gas Corridor.

This year about $ 1.3 billion is expected to be allocated for Southern Gas Corridor to invest Azerbaijan’s share in SGC project.

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