Third issue of debt securities placement for Southern Gas Corridor begins

Third issue of debt securities placement for Southern Gas Corridor begins

Baku, Azerbaijan, Sept.23

By Ilaha Mammedli - Trend:

The State Committee for Securities registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of the Southern Gas Corridor CJSC in the amount of $101.12 million, the Baku Stock Exchange (BSE) stated Sept.23.

Some 1.011.200 bonds with a nominal value of $100 each have been issued within the framework of the emission. PSG-Broker LLC is the underwriter of the placement.

The turnover period is 10 calendar years, with the yield of 6 month Libor +1 percent. Payment of interest will be carried out every 6 months.

The Southern Gas Corridor CJSC has placed 2 bond issues of $917.320.800 (with a turnover period of 10 years) and $1.246.355.000 (for 2 years) so far.

Azerbaijani President Ilham Aliyev has signed a decree on February establishing a closed joint-stock company (CJSC) for effective management of projects within the second phase of Shah Deniz gas and condensate field's development, expansion of the South Caucasus Pipeline, Trans-Anatolian Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP). The closed joint stock company will be 51 percent state-owned and 49 percent owned by the State Oil Company of Azerbaijan.

State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. The funds to be provided to the CJSC for financing the equity will provide a long-term investment on return conditions.

The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

On December 17, 2013, a final investment decision was made on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters).

Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.

Participants at the development of the Shah Deniz field are SOCAR (the State Oil Company of Azerbaijan) with a share of 16.7 percent, BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent).

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