Southern Gas Corridor triples its capital
Baku, Azerbaijan, Feb.3
By Azad Hasanli - Trend:
The State Securities Committee (SSC) of Azerbaijan registered the issue prospectus of ordinary registered shares of Southern Gas Corridor in the amount of $300 million, said the report of the State Securities Committee (SSC), published on its website Feb.3.
The official exchange rate on February 3 is 0, 7844 AZN / USD.
One hundred shares at a par value of $3 million each will be issued within the framework of the emission.
Placement of the prospectus of the emission will be carried out by converting of the same number of shares at a par value of $1 million each into it.
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. A final investment decision was made on December 17, 2013 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). Around six billion cubic meters will be annually supplied to Turkey.
As part of the second stage of the field's development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.
The share distribution among the agreement parties (after SOCAR's and BP's acquisition of Statoil's share in the project) is as follows: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, and SOCAR - 16.7 percent.
Earlier, Total sold its share in the project to the Turkish company TPAO, and after completion of the deal the latter's share in the project will be 19 percent.
The Norwegian Statoil sold a 15.5 percent share in the project to the Malaysian company Petronas. The deal for purchase and sale of shares is not yet complete.
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