EY named Southern Gas Corridor’s auditor

Baku, Azerbaijan, March 4

By Azad Hasanli - Trend:

The Southern Gas Corridor CJSC has attracted the international company EY (formerly Ernst & Young) to audit the financial accountability, Azerbaijan's State Procurement Agency said in a message March 4.

EY won a tender announced earlier by the Southern Gas Corridor consortium.

The contract with the EY costs 46,000 Azerbaijani manats (about $43,800 as of March 4).

EY is a global leader in assurance, tax, transaction and advisory services.

The company currently has over 170 staff in its Baku office, who serve the clients in Azerbaijan.

Southern Gas Corridor is one of the priority energy projects for EU. This project envisages the delivery of gas from Azerbaijan's Shah Deniz gas and condensate field to Europe.

In order to finance the works within the project, the Southern Gas Corridor CJSC placed four issues of unsecured interest-bearing bonds totalling $2.52 billion. The project's total cost is about $45 billion.

Azerbaijan's State Oil Fund (SOFAZ) was instructed to provide financing for the equity participation in the Southern Gas Corridor CJSC, which is in direct state ownership.

The funds to be allocated to the Southern Gas Corridor CJSC to finance the equity participation, will be provided in the form of long-term investments on the conditions of return.

Southern Gas Corridor envisages the delivery of gas from Azerbaijan's Shah Deniz gas and condensate field to Europe.

A final investment decision was made on Dec. 17, 2013 on the second stage of the Shah Deniz offshore gas and condensate field's development. Gas from this field will first go to the European market (10 billion cubic meters) and six billion cubic meters will be annually supplied to Turkey.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's proven reserve is 1.2 trillion cubic meters of gas and 240 million metric tons of condensate.

As part of the second stage of the field 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.

Edited by SI

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Follow the author on Twitter: @AzadHasanli

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