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Number of SGC lenders may increase (Exclusive)

Oil&Gas Materials 29 September 2017 13:36 (UTC +04:00)

Baku, Azerbaijan, Sept. 29

By Azad Hasanli – Trend:

The Black Sea Trade and Development Bank (BSTDB) is expecting the response of the Azerbaijani government to become an investor of the Southern Gas Corridor (SGC) project, BSTDB President Ihsan Delikanli said in an interview with Trend.

“At this stage it is premature to talk about specific figures, but we shall be prepared to consider the investment amounts that will correspond to the requirements of this major regional project, together with other investors,” noted Delikanli. “With this understanding, we have intimated our strong desire to the Government of Azerbaijan and Southern Gas Corridor CJSC to consider BSTDB among main investors [in the project] and we are expecting their reply.”

He said that the BSTDB has been established and mandated by its shareholding member states to support regional cooperation.

“The Southern Gas Corridor project fully fits our mandate and it would have a sizable direct impact on the cooperation between many member countries, including Azerbaijan, Georgia, Turkey, Greece and Albania, providing sustainable energy security,” he noted adding that there is also a potential to expand its coverage to some other BSTDB members.

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 projects. Other sources can also connect to this project at a later stage.

As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans Anatolian Natural Gas Pipeline and Trans Adriatic Pipeline.

The BSTDB was established by Azerbaijan, Albania, Bulgaria, Georgia, Greece, Moldova, Armenia, Romania, Turkey, Ukraine and Russia. The bank’s authorized capital is 3.45 billion euros.

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