Capital of CJSC Southern Gas Corridor Increased by $ 425 Million

The authorized capital of JSC Southern Gas Corridor has increased to $ 725 million from $ 300 million.

The issue of 100 shares of the state company was approved on March 5. The information was released by the SSC only this week. According to this information, the registered capital of the company at the time of registration of the securities amounted to 760 million 815 thousand in manat equivalent.

Note that JSC Southern Gas Corridor was established on 25 February 2014. Initially, its capital was paid in the amount of $ 100 million. In February of this year, the capital was increased to $ 300 million. According to the approved state budget for this year, the company will receive 1,341,200,000 manat from the state to increase the share capital.

SOCAR share in the capital of the JSC is 49% and the government (Ministry of Economy and Industry) has 51%. The company was established by presidential decree in order to effectively manage projects of Phase 2 of the development of the gas condensate field Shah Deniz, the extension of the South Caucasus gas pipeline, as well as the construction of the gas pipelines TANAP and TAP.

Laying the foundation of the project TANAP was held in March this year. The pipeline TANAP is 1,800 km and the primary capacity is 16 billion cubic meters.

According to SOCAR (pipeline operator), by 2023 the pipeline capacity will be expanded to 23 billion cubic meters, and by 2026 - up to 31 billion cubic meters. Of these deliveries 6 billion cubic meters of gas will be for Turkey, and the rest - for Europe. The first volumes of Azerbaijani gas will arrive in Turkey through TANAP in the IV quarter of 2018. ----08D