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Southern Gas Corridor CJSC reveals volume of investments in projects as of late July

Oil&Gas Materials 6 September 2018 10:06

Baku, Azerbaijan, Sept.6

By Leman Zeynalova – Trend:

Azerbaijan’s Southern Gas Corridor CJSC has invested $9.3 billion for the financing of its participating interests in the Projects as of the end of July 2018, the company told Trend.

Moreover, the Southern Gas Corridor CJSC said that the company withdrew $475 million from the loan made available by the European Bank for Reconstruction and Development (EBRD) in the amount of $500 million.

The EBRD Board of Directors approved a $500 million loan for TANAP on Oct. 18, 2017. The loan is issued for a period of 18 years.

The loan agreement was inked Oct. 20, 2017. The document was signed by Director General of Southern Gas Corridor CJSC Afgan Isayev and EBRD Director for Energy and Natural Resources in Russia, Caucasus and Central Asia Aida Sitdikova.

A ceremony to launch Phase 0 of TANAP took place June 12 in the Turkish city of Eskisehir.

TANAP, together with Trans-Adriatic Pipeline (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.

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Follow the author on Twitter:@Lyaman_Zeyn

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