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“Standard and Poor’s” agency kept the international loan rating of Azerbaijan as stable in a special assessment***The Milli Majlis adopts a law on the execution of the state budget for 2016***Ministry of Finance recommends referring to official data in statements about IBA***

“South Gas Corridor” CJSC and EBRD signs a loan agreement with TANAP

“South Gas Corridor” CJSC and EBRD signs a loan agreement with TANAP

20.10.2017

“South Gas Corridor” CJSC and European Bank for Reconstruction and Development (EBRD) signed a loan agreement to support Trans Anatolian Natural Gas Pipeline (TANAP) project on October 20, 2017.

The loan agreement of $500 million was signed between SGC General director Mr. Afgan Isayev and EBRD Director of Energy and Natural Resources in Russia, Caucasus and Central Asia Ms. Aida Sitdikova, and the warranty for loan agreement was signed between minister of finance Mr. Samir Sharifov on behalf of the Government of Azerbaijan and Ms. Aida Sitdikova.

Before that, the Board of Directors of the European Bank for Reconstruction and Development adopted a positive decision on the allocation of a loan at amount of $500 million for a period of 18 years to finance the SGC TANAP project on October 18, 2017.

At the signing ceremony, minister of finance Mr. Samir Sharifov stated that the support provided by the International Bank of Reconstruction and Development, Asian Infrastructure Investment Bank, Asian Development Bank and other leading international financial organizations to the “South Gas Corridor” is a striking example of confidence and trust in this global energy project implemented with the initiative and leadership of the Republic of Azerbaijan. The minister also brought to attention that President Ilham Aliyev considered the “South Gas Corridor” as an energy security project and highlighted the special importance of the project in energy security of Europe and the region in line with Azerbaijan.

SGC General director Afgan Isayev stated that the project will pave the way for access of Azerbaijani gas to global energy markets and contribute significantly to the national economy with this respect, and went into detail about the work done: “The company has so far implemented $7.8 billion or approximately 66 percent of the total $11.8 billion considered by (throughout) 2020 within the South Gas Corridor (including the existing Shah Deniz Stage 1 and South Caucasus Pipeline projects). Out of this, $1.9 billion has been invested in the project since the beginning of the current year. 96 percent of work intended within the development of second phase of exploitation of “Shahdeniz” gas condensate field (first gas extraction) and 98 percent of work on first gas transmission within the expansion of the South Caucasus Gas Pipeline have already been performed in the frame of the project. Also, the company has implemented 82 percent of the construction of TANAP and 53 percent of the construction of Trans Adriatic Pipeline. The constructions are carried out successfully.”
A.Sitdikova highly appreciated the existing cooperation between EBRD and Azerbaijan, and expressed interest in further expansion of relations with the latter as an important partner.

It should be noted that the main goal of the South Gas Corridor project is to ensure the development of second phase of exploitation of “Shahdeniz” gas condensate field and the export of natural gas extracted from the field to Turkey and Southern Europe via the South Caucasus Gas Pipeline to be expanded and TANAP and TAP to be constructed in the perspectives.

“South Gas Corridor” CJSC was established under the Decree No. 287 dated February 25, 2014 of the President of the Republic of Azerbaijan on the “Actions related to projects on the second phase of development of Shahdeniz gas-condensate field and the establishment of South Gas Corridor” as a closed joint stock company with 51% of shares owned by the Ministry of Economy and 49 % of shares by SOCAR.