SOCAR invests additional 140 mln AZN in "Southern Gas Corridor" CJSC

SOCAR invests additional 140 mln AZN in "Southern Gas Corridor" CJSC SOCAR has also increased its share in its subsidiary in Georgia by 16,34%
Finance
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July 7, 2017 11:41
SOCAR invests additional 140 mln AZN in Southern Gas Corridor CJSC

Baku. 7 July. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) has made additional investments in amount of 140 mln. manats in the "Southern Gas Corridor" CJSC.

Report informs, states the consolidated financial statement of SOCAR audited by "Ernst&Young" (EY) company.

SOCAR has additionally invested 19 mln AZN in "Azerbaijan Rigs" Ltd.

On May 29, 2017, SOCAR increased share in its subsidiary in Georgia - SOCAR Energy Georgia by 16,34%. SOCAR has paid 58 mln AZN ($ 34 mln) to acquire it. As a result, SOCAR's share in "SOCAR Energy Georgia" has risen from 51% to 67, 34%.

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 owned by the Ministry of Economy and 49% SOCAR.

"Azerbaijan Rigs" has been established for construction drilling rigs. SOCAR and the State Oil Fund of Azerbaijan are shareholders of the company.

SOCAR Energy Georgia was established in 2006. SOCAR, "Intersun Holding FZCO" and "Eventus General Holding" are stakeholders of the company. 

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