Azerbaijan to spend $ 1.3 bln to Southern Gas Corridor this year

Baku. 17 January. REPORT.AZ/ "Southern Gas Corridor" CJSC plans to invest about $ 1.3 billion in financing of Azerbaijan's share in Southern Gas Corridor project in 2018. Director General of the Southern Gas Corridor (CJSC) Afgan Isayev said.

A. Isayev noted that this year is expected to spend for Shah Deniz project (including the existing Shah Deniz-1) $ 232 mln. While $ 144 mln will be spent to South Caucasus Pipeline/South Caucasus Pipeline Expansion Project, $ 728 mln to TANAP project, $ 182 mln to TAP.

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.

The cost of the Southern Gas Corridor project is $ 41.5 billion.