BAKU, Azerbaijan, Feb.7
By Leman Zeynalova – Trend:
Southern Gas Corridor CJSC’s total needs for cash in 2022 will be fully covered by proceeds from projects, Trend reports with reference to Fitch rating agency.
Fitch notes that SGC's funding stems from a combination of $6.5 billion debt and $2.4 billion equity injections from the state.
“SGC did not borrow any new debt in 2021, while almost 70 percent of its debt stock as of end-2021 comprised bonds issued in favour of the State Oil Fund of Azerbaijan Republic (SOFAZ) and Eurobonds, followed by international financial institutions (IFI)/IFI-backed loans (30 percent). As all of its projects are already commissioned, SGC's total needs for cash in 2022 will be fully covered by proceeds from the Shah Deniz, South Caucasus Pipeline, Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP) projects, along with accumulated cash, according to management's forecast,” said the rating agency.
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