JSC Southern Gas Corridor signed a contract with Ernst & Young Holdings (SIYAYES) B.V. on the financial audit of operations for 2014. The parties agreed on a price of 46 thousand manat.
The JSC was registered on 31 March 2014. Its authorized capital is $ 300 million. The shareholders are the Ministry of Economy and Industry - 51% and SOCAR - 49%. The company is 100% owner of two Ltd. (SGC Upstream and SGC Midstream).
Last time JSC Southern Gas Corridor published financial statements as of 30 September 2014, under which its financial expenses were $8.3 million. Long-term liabilities of the company in the form of bonds outstanding amounted to $ 2 billion 273,200,000. All the debt securities were bought by the State Oil Fund of Azerbaijan. In November 2014 the company issued bonds of $ 252.2 million.
JSC Southern Gas Corridor was created by the decree of President Ilham Aliyev in February 2014 in order to implement the second phase of the operation of the gas-condensate field Shah Deniz and the creation of the Southern Gas Corridor. ----08D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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