SGC reveals first dividend amount in SOFAZ

CJSC "Southern Gas Corridor" (SGC) will pay dividends for the first time in 2025, amounting to 396.2 million manats ($233.058 million), Report informs referring to the Chamber of Accounts' conclusion on the State Oil Fund (SOFAZ) budget for 2025.

In 2025, dividends from CJSC "Southern Gas Corridor" (SGC) amounting to $233.1 million will be reflected for the first time in SOFAZ's income statement. This amount of dividends is expected based on oil prices of $70 per barrel.

The conclusion specifies that dividends from shares directly owned by the state will be transferred to SOFAZ.

It was earlier reported that the President of Azerbaijan signed a decree on February 25, 2014, establishing SGC to consolidate, manage, and finance state shares in Shah Deniz Stage 2 development, South Caucasus Pipeline, TANAP (Trans-Anatolian Natural Gas Pipeline), and TAP (Trans Adriatic Pipeline) projects. SGC was established on March 31, 2014, by the state represented by the Ministry of Economy (51% share) and the State Oil Company of Azerbaijan (49%). However, in December 2024, SOCAR increased its share in CJSC SGC from 49% to 51%.