Azerbaijan invested over $ 500 mln in Southern Gas Corridor this year

Baku. 30 May. REPORT.AZ/ The Southern Gas Corridor and its subsidiaries have invested $ 9 billion in projects included in the SGC.

Report informs, Director General of "Southern Gas Corridor" CJSC Afgan Isayev said at the 25th Caspian International Oil and Gas Conference in Baku.

"At the end of April, the South Gas Corridor CJSC invested $ 9 billion out of the $ 11.5 billion required to finance its stake in SGC projects. The remaining $ 2.5 billion will be spent by 2020”, - he said.

According to the general director, $ 0.5 billion out of $ 9 billion accounted for the first four months of 2018.

A. Isayev said that company will spend $ 0.8 billion to finance its share in the project by the end of the year, $ 1.4 billion next year and $ 0.2 billion in 2020.

Notably, "Southern Gas Corridor" CJSC was established by Azerbaijani President`s decree "On some events connected with the second stage of the Shah Deniz gas condensate and other projects related to establishment of the Southern Gas Corridor" dated February 25, 2014. It is a closed joint stock company, 51% of shares as the state property owned by the Ministry of Economy and 49% SOCAR.

Notably, the Southern Gas Corridor is a project to transport the gas, produced in the second phase development of "Shah Deniz" field in the Azerbaijani sector of the Caspian Sea to Europe. Shah Deniz 2 project, South Caucasus Pipeline Expansion, the Trans-Anatolian Pipeline (TANAP) built in Kipoi territory on Turkey-Greece border and cross Greece, Albania and the Adriatic Sea before going onshore in southern Italy are key components of Southern Gas Corridor.