In autumn SGC project to involve large foreign loans

Baku. 11 May. REPORT.AZ/ In September-October this year, loans will be involved from the European Investment Bank (EIB) and the Asian Development Bank (ADB) for implementation of the Southern Gas Corridor project.

Report informs, Rovnag Abdullayev, President of SOCAR (State Oil Company of Azerbaijan Republic) told reporters.

R.Abdullayev noted that this year Southern Gas Corridor CJSC has placed government-guaranteed bonds of 1 billion USD. R.Abdullayev said that by the year-end, 1,5 billion USD will be involved based on the bonds.

SOCAR president stressed that talks are being held with the banks to finance the Southern Gas Corridor projects as well as discussions are being continued with the European Investment Bank, European Reconstruction and Development Bank and Asian Development Bank: 'In general, the CJSC plans to involve long-term, low-interest loans up to 7 billion USD in the Southern Gas Corridor projects'. 

Notably, Southern Gas Corridor CJSC was established according to the Order of the President of the Republic of Azerbaijan dated 25 February 2014 “On some measures tied to the Shah Deniz Stage II and other projects to put in place the Southern Gas Corridor”. The state owns 51% through the Ministry of Economy, and 49% belongs to the closed joint-stock company owned by SOCAR.