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Azerbaijan announces 2020 investment plans for Southern Gas Corridor

January 21/ 09:09

Baku. Azerbaijan’s Southern Gas Corridor closed joint-stock company (CJSC) is expected to invest around $181 million in the Southern Gas Corridor projects in 2020, Ibrahim Ahmadov, deputy head of the public relations and events department at Azerbaijan’s state oil company SOCAR, told Trend.

He noted that to date, Southern Gas Corridor CJSC has invested about $9.9 billion in the Southern Gas Corridor projects using its revenues from the projects, authorized capital and borrowings.

"Since early 2019, the company has spent nearly $400 million to finance its share in the Southern Gas Corridor projects. It is planned to spend additional $6 million by the end of 2019," noted Ahmadov.

The Southern Gas Corridor is one of the priority projects for the EU and envisages the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.

The launching ceremony of the first stage of the Southern Gas Corridor was held in Baku on May 29, 2018, while opening ceremony of TANAP’s Phase 0 was held on June 12, 2018 in the Turkish city of Eskisehir. TANAP-Europe connection was opened on Nov.30 in Ipsala, Edirne, Turkey.

Trans-Adriatic Pipeline (TAP) and Trans-Anatolian Natural Gas Pipeline (TANAP) were connected on the Turkish-Greek border.

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