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Azerbaijan to issue bonds for Southern Gas Corridor

Business Materials 28 January 2016 17:16 (UTC +04:00)
Azerbaijan’s Finance Ministry is preparing to hold a bond roadshow for the Southern Gas Corridor on international market in early February
Azerbaijan to issue bonds for Southern Gas Corridor

Baku, Azerbaijan, Jan. 28

By Azad Hasanli - Trend:

Azerbaijan's Finance Ministry is preparing to hold a bond roadshow for the Southern Gas Corridor on international market in early February, said Samir Sharifov, the country's finance minister, at a press conference Jan. 28.

"The state bonds aren't planned to be placed on foreign markets in 2016," he said. "The bonds will be issued in February for implementation of the Southern Gas Corridor project."

"Southern Gas Corridor CJSC will place the bonds," he added. "This project is of great importance for Azerbaijan. Perhaps, we will provide a state guarantee for these bonds to increase the interest in them."

Sharifov also said the Southern Gas Corridor CJSC has attracted a financial adviser for financing the project.

"Three manager banks, namely, Citibank, JP Morgan, and Unicredit have been chosen for the bond issuance," he said. "The issuance volume will amount to $2 billion."

The Southern Gas Corridor is one of the priority energy projects for the EU. It envisages the transportation of 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 connect to this project at a later stage.

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