All expected external borrowings for SGC to be received on time - SOCAR

All expected external borrowings for SGC to be received on time - SOCAR

Baku, Azerbaijan, July 6

By Leman Zeynalova - Trend:

There is no doubt that all external expected borrowings for the Southern Gas Corridor will be received on time, Deputy Vice-President of Azerbaijan’s state oil company SOCAR for investments and marketing Vitaliy Baylarbayov said in an interview with Moscow-Baku news website.

There is no doubt that the project is being financed and will continue to be financed in accordance with the commitments undertaken by the shareholders of each of its specific elements, he noted.

“We have already concluded financing agreements with all major investors, and some of them, in turn, have agreements on external financing,” he said. “No matter if it is an upstream component of this project or the South Caucasus gas pipeline - all shareholders, of course, fulfill their commitments, and, first of all, their commitments to Azerbaijan according to the conditions of the production sharing agreement. This can be done both at the expense of own funds and attracted ones - separate companies attracted external borrowing to finance their share.”

He added that the situation is the same regarding capital investments in the construction of the Trans-Anatolian Natural Gas pipeline (TANAP) and the Trans Adriatic Pipeline (TAP).

“We have no doubt that all expected external borrowings will be received on time and in full volume in accordance with agreements with banks and financial institutions,” said Baylarbayov.

He reminded that recently, another agreement on a syndicated loan worth $750 million has been signed for the construction of TANAP under the guarantees of the Multilateral Investment Guarantee Agency.

This is while on July 4, the European Bank for Reconstruction and Development (EBRD) announced the allocation of 500 million euros for TAP, he added.

“Most of the funds have already been invested in the projects included in the Southern Gas Corridor, and there are no worries about financing the remaining part,” he said.

A ceremony to launch TANAP took place June 12 in the Turkish city of Eskisehir. TANAP, together with TAP, is a part of the Southern Gas Corridor, which provides for the transportation of gas from the Azerbaijani field Shah Deniz to Europe.

The initial capacity of TANAP is expected to be 16 billion cubic meters of gas per year. About six billion cubic meters will be supplied to Turkey, and the rest to Europe. After completion of the TAP, the gas will reach Europe in early 2020.

The share distribution in TANAP is as follows: Southern Gas Corridor CJSC - 51 percent, SOCAR Turkey Enerji - 7 percent, Botas - 30 percent, and BP - 12 percent.

The launching ceremony of the first stage of the Southern Gas Corridor project was held in Baku on May 29.

The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.

The Southern Gas Corridor, which costs more than $40 billion, is one of the priority projects for the EU and provides for the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.

---

Follow the author on Twitter: @Lyaman_Zeyn

Uzbekistan taking measures to develop religious tourism
Uzbekistan taking measures to develop religious tourism
Azerbaijani Association of Travel Agencies and Association of Travel Bloggers sign agreement of understanding (PHOTO)
Azerbaijani Association of Travel Agencies and Association of Travel Bloggers sign agreement of understanding (PHOTO)
Experts make forecasts for Georgia's post-COVID tourism industry recovery
Experts make forecasts for Georgia's post-COVID tourism industry recovery
Loading Bars
Latest
Diplomats accredited in Azerbaijan start visits to liberated lands (PHOTO)
Iranian currency rates for March 6
Azerbaijani Nakhchivan's Separate Combined Arms Army holding live-fire training classes (PHOTO/VİDEO)
Azerbaijani Agency for Development of SMEs continues to support self-employment program
COVAX delivers over 20 mln doses of COVID-19 vaccines to 20 countries - WHO
Interest-free funding regulation may boost Turkey's home sales
Iran records 0.8% economic growth under sanctions, pandemic
2021 Index of Economic Freedom: Georgia 12th in world and 7th in Europe
Electricity consumption in February amounted to 1.6 bln kWh in Kyrgyzstan
Chinese investors have major potential for attracting cargoes to Georgian Anaklia seaport
Belgium announces phased plan to ease COVID-19 restrictions
More than 20,000 U.S. organizations compromised through Microsoft flaw
U.S. detained nearly 100,000 migrants at Mexico border in February
Number of German enterprises in Uzbekistan increases in last four years
Spike in Canada exports to U.S. leads to surprise January trade surplus
Brazil working with Biden on climate, Amazon deforestation - foreign minister
Luxembourg ratifies protocol on tax agreement with Russia
U.S., Britain announce 4-month tariff suspension in aircraft subsidy dispute
Aeroflot to make flights to Seychelles from April 2
Kazakh MFA talks great importance of developing relations with Turkic-speaking countries
Georgia expands list of countries from which tourists can travel to country
Iran to hold talks with EAEU soon
Pfizer vaccine to arrive in Georgia in the week of March 22 - seputy health minister
Turkey registers more than 11 302 new coronavirus cases
Kazakhstan, Uzbekistan ink agreement to step up cooperation in healthcare
Wind energy replaces coal as Germany's biggest energy source in 2020
National Bank of Kazakhstan adopts several anti-crisis measures during COVID-19 pandemic
Azerbaijani FM, head of Baku office of CE exchange views on development of new action plan for cooperation (PHOTO)
Norwegian company discloses amount of investments made in Azerbaijan
BSEC countries discuss impact of pandemic on tourism sector
Azerbaijan’s AzerGold, Chem Trade company sign contract
Georgia-Ireland Council to be important chain for strengthening bilateral economic relations
Uzbekneftegaz, Uzbek-Chinese JV talk prospects for co-op in oil, gas industry
Russia's Rosselkhoznadzor discloses volumes of agricultural products supplied to Georgia
World Bank may support Azerbaijan in fight against COVID-19
Azerbaijan names volume of compulsory non-life insurance market in Jan.2021
Swiss plan free coronavirus tests for population
Liberated Azerbaijani lands have great potential in winemaking
Azerbaijan may apply quarantine measures if COVID-19 infections continue to increase
UK watchdog looks to 'open banking' apps to help boost competition
Georgian mobile operators see decrease in total revenues for 2020
Georgia plans to build hanger in Telavi airport for private jets
Chevron to buy out Noble Midstream in all-stock $1.32 billion deal
Azerbaijani State Security Service shares grief of death of Turkish servicemen
Azerbaijan eyes to start employment promotion activities in liberated areas
Armenia once again demonstrates that it is far from sound thinking - Azerbaijani Foreign Ministry
Initiated by Mehriban Aliyeva, Heydar Aliyev Foundation makes new contribution to protection of world and religious heritage in Vatican (PHOTO)
Azerbaijan's MoD shares footage from Aghdam's Taghybayli village (VIDEO)
Kazakhstan offers Uzbekistan to consider launching production of Kazakh COVID-19 vaccine
Mehriban Aliyeva appointed as first deputy chairperson of New Azerbaijan Party
First website of sign language dictionary to be developed in Azerbaijan
Trans-Caspian Fiber Optic Cable Project discussed at “Kazakhstan-Azerbaijan: New Opportunities for Cooperation” event (PHOTO)
Turkey’s activity on Turkmenistan’s state commodity exchange in Feb. 2021
Iranian parliament approves increase of salaries
Baku International Sea Trade Port expanding co-op with in Netherlands
Azerbaijan's internet provider eyes to expand coverage of communication services
Trade takes up largest share in total turnover of Georgia's business sector
Volume of Azerbaijani Depository Center's Feb. 2021 bond payments revealed
Volume of business sector turnover up in Georgia
Italian companies eye returning to Iranian energy market
Azercell reveals the “Victory Year”s results
Main share of industrial production volume in Baku accounts for extractive sector
Azerbaijan records decrease in Jan. 2021 population's bank deposits
Five impressive facts about OPEC+ meeting
Total amount of transactions on Turkmen state commodity exchange for Feb. 2021
Kazakhstan to hold auctions for selection of flexible generation projects
Azerbaijan's police officers find munitions in liberated Shusha (PHOTO)
Iran reveals COVID-19 data for March 5
Reliability of Azerbaijani data center confirmed by int’l certification institute
Iran receives third batch of Sputnik V vaccine
Iran's Energy Exchange announces products to be on sale on March 6
Azerbaijan confirms 175 more COVID-19 recoveries
Kazakh Kazatomprom to hold additional auction on its solar energy assets
Turkmenistan considers promoting expansion of partnership opportunities within ECO
Hungary eyes increasing medicines supply to Uzbekistan
Azerbaijani PM expresses condolences to Turkish VP over helicopter crash
Azerbaijan's Minister of Economy highlights country's progress in terms of economic freedom
Australia resumes postal communication with Turkmenistan
Azerbaijan holds auction for public property facilities
Volkswagen core brand to accelerate electric vehicle shift
Kazakh airlines launch new flight to Uzbekistan
Uzbekneftegaz, Gazprombank co-op to increase hydrocarbon production
Investment in development of Chabahar Port continues
Britain starts formal countdown in 'final chapter' of Libor
Volume of food products sold in trade network of Azerbaijan’s Baku city increases
Maritime India Summit-2021 celebrates ‘Chabahar Day’
Egyptair to replace Sinai Air on Tel Aviv - Cairo route
US experts visit war-torn areas of Azerbaijan's Tartar (PHOTOS)
Three possible scenarios on economic dev't regarding COVID-19 crisis in Georgia
Kazakhstan reports increase in overall 2020 trade with Greece
Precious metal prices in Azerbaijan down
Small solar photovoltaic station launched in Uzbekistan’s Tashkent region
Kazakh National Bank shares data on money transfers via payment systems for 2020
Azerbaijan's Internet provider increases contribution to country's educational sphere
PASHA Bank talks possible development of 'neo-banks', information security in Azerbaijan
SOCAR becomes main supplier of Lithuanian gasoline to Ukraine
Azerbaijan to study underground water resources through satellite images
Kazakhstan discloses target volume of electricity generation for 2021
Fidelity Investments Inc acquires shares of Bank of Georgia
Deposits dev’t of Turkmenistan’s Uzynada field to increase oil, gas condensate production
All news