Financial Audit of JSC Southern Gas Corridor by Ernst & Young

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