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Azerbaijani finance minister: MIGA loan not needed for SGC

August 02, 2019/ 09:02
Baku. There is no necessity in the guaranteed loan of $750 million allocated by the Multilateral Investment Guarantee Agency (MIGA) for the Southern Gas Corridor (SGC), Azerbaijani Finance Minister Samir Sharifov said at a meeting discussing the socio-economic sphere, Trend reports.
"I am glad that there was no need for additional funding for this project, but negotiations were held with foreign financial institutions and they were ready to allocate funds if necessary," he said.
The minister noted that all obligations regarding state debt, as well as the approved medium-term and long-term state debt management strategies, are being fully implemented in Azerbaijan.
The Southern Gas Corridor project envisages the creation of a pipeline infrastructure for the transportation of Azerbaijani gas, which is extracted as part of the development of the Shah Deniz 2 field, to Europe via Turkey.
The main components of the project are Shah Deniz Stage 2, expansion of the South Caucasus pipeline Baku-Georgia-border with Turkey, construction of the Trans-Anatolian Natural Gas Pipeline (TANAP) from Turkey’s eastern border to the western border and the Trans-Adriatic Pipeline (TAP) connecting Greece, Albania and the Adriatic Sea in southern Italy.
Supplies of Azerbaijani gas to Europe are expected in the amount of 10 billion cubic meters in early 2020. In addition, 6 billion cubic meters of Azerbaijani gas will be supplied to the western regions of Turkey. Deliveries to Turkey began in the summer of 2018.
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