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Georgia reveals volume of investments for South Caucasus Pipeline Expansion

December 29, 2017/ 07:33

Tbilisi. More than planned $2 billion investment was spent in Georgia as part of the implementation of the South Caucasus Pipeline Expansion project (SCPX), Trend learned from Georgia’s Ministry of Economy and Sustainable Development.

"Over 6,000 Georgian citizens have been employed at the peak of SCPX. More than $2 billion planned investment was spent in Georgia, including $400 million on Georgian suppliers and services [for SCPX]," said a source in the ministry.

SCPX construction is making good progress in Georgia and remains on track to start up in 2018, added the source.

According to the Article 2, paragraph first of the amendments to the Law of Georgia "On the Structure, Authority and Activity Rules of the Government of Georgia", the Ministry of Energy was officially merged with Ministry of Economy and Sustainable Development of Georgia. Therefore, the Ministry of Economy and Sustainable Development of Georgia became legal successor.

The length of the South Caucasus Pipeline exceeds 700 kilometers. It will transport gas produced from the Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.

The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPOC (19 percent).

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