First construction phase of Azerbaijani new oil and gas terminal nearing completion: head of Azersun Holding

Azerbaijan, Baku, Feb. 11/ Trend , E. Ismayilov/

The first phase of construction project of Sangachal-Garadag Oil and Gas terminal will complete by late 2009, President of Azersun Holding Abdolbari Goozal said.

The first phase will be implemented owing to terminal shareholders' funds, Goozal said earlier.

Azersun Holding and Azerbaijani Investment Company (AIC) have allocated roughly $36 million to Sangachal-Garadag Oil and Gas terminal CJSC. The project costs $135 million. About $100 million account for borrowings.  

"Presently, the first phase is nearing completion. The implementation of the first phase will complete by late 2009," Goozal said.

Two other phases do not operate because of investors. But they will be realized once "great volumes of oil and of contracts are in place", he said.

Talks on transportation by Kazakh side were held earlier. But it is early to speak about it as production (oil extraction) reduced in Kazakhstan. I think that talks will be accelerated in a year," Goozal said.

Syndicate loan is planned to be drawn at the second stage of terminal's construction. There are a variety of proposals from different foreign banks. But talks with banks will continue after completion of the first phase.

French bank Societe Generale is expected to be an organizer of syndicate.

Kavkaz Trans Servis (part of Azersun Holding) is a principal operator of the project. The Azerbaijani Investment Company invested $9 million upon the decision of the AIC Supervisory Council of dated June 29, 2007.

Capacity of terminal transportation at initial stage will total six million tones. It will increase seven million tones and reach 20 million tones of oil at further two stages.

The second phase of the project will be realized during two years after completion of the first one, but the third phase in 2012.

The second stage calls for construction of berths, signing contracts with oil suppliers, namely from Kazakhstan and Turkmenistan. Mainly Kazakh oil (60 percent) will be shipped via the terminal, head of the holding said.

Garadag terminal will receive oil and condensate in large volumes. The terminal is also expected to receive oil from Kashagan field. The Kazakh oil will be shipped to Black Sea shore and Ceyhan port via the Baku-Tbilisi-Ceyhan pipeline.

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