Details added (first version posted on 11:06)

Baku, Azerbaijan, Nov.5

By Maksim Tsurkov - Trend:

Azerbaijan can attract international financial institutions for financing its share in the Southern Gas Corridor project, Zaur Gahramanov, deputy head of Azerbaijani State Oil Company's investments department told reporters Nov.5.

"As known, 51 percent share in the Southern Gas Corridor closed joint-stock company (CJSC) is owned by Azerbaijan's Ministry of Economy and Industry, while 49 percent belongs to SOCAR," said Gahramanov.

Currently, the company is holding talks with such structures as the European Investment Bank (EIB), the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) on attracting loans, he said.

Gahramanov noted that currently, there are good conditions on world markets for attracting funds at low interest.

"Loans will be attracted if it is effective and beneficial," he said. "Azerbaijan's share in financing the $45 billion worth project is $14 billion, of which $7 billion can be attracted in the form of loans."

The Southern Gas Corridor is one of the priority energy projects for EU. It envisages the transportation of gas from the Caspian Sea 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 projects. Other sources can also connect to this project at a later stage.

Edited by SI

---

Follow the author on Twitter: @MaksimTsurkov