Friday, December 23, 2016

Southern Gas Corridor already raised over 50% of money needed until 2020 - ABC.AZ

23.12.2016 16:40
Baku, Fineko/

CJSC Southern Gas Corridor (CQD/SGC) has already raised more than 50% of financing required until 2020.

SGC general director Afghan Isayev has stated that out of $11.9 bn on which the Southern Gas Corridor should be financed in 2014-19, it has been already raised $6 bn, including $2 bn in 2016.

He pointed out that the Asian Development Bank has given a loan for 15-year period under governmental guarantee for $500 million and $526 million under 15-year guarantee on syndicated lending. The International Bank for Reconstruction & Development (IBRD), part of the World Bank Group gave $400 million for 30-year term and the Multilateral Investment Guarantee Agency (MIGA), another member of the Group, provided $750 million of guarantees for syndicated lending for 15-year period. In turn, the Asian Infrastructure Investment Bank (AIIB) gave a loan in the amount of $600 million for 30 years.
"Within the framework of the Southern Gas Corridor the work on the field development of Shah Deniz Project 2 has been fulfilled already by 87.9%, expansion of the South Caucasus Pipeline (SCPX) by 74.5% and the construction of the TANAP pipeline by 59.3%," Isayev said.

The construction of TAP gas pipeline has been carried out by 31.8%.