JSC Sangachal Garadagh Oil & Gas Terminal announced the conversion to a limited liability company.
Shares with a total nominal value of 30.6 million manats were eliminated, but the company's authorized capital is maintained at the same level.
The terminal is owned by LLC Qafqaz Trans Service - subsidiary of the company Azersun Holding.
The Oil and Gas Terminal was established in 2007 with the participation of the state-run Azerbaijan Investment Company (AIC). Then, AIC invested $ 9 million or 10.2 million manat at the rate of the time in the new company’s capital.
At the end of 2012, AIC sold a 25% stake in CJSC Sangachal Garadagh Oil & Gas Terminal to another co-founder at a price that was not disclosed to the public.
This terminal is for providing transportation of Kazakh and Turkmen oil and condensate via the Baku-Tbilisi-Ceyhan oil pipeline and to the Black Sea ports.
The first phase of the terminal was designed for 12 million tons, followed by the possibility of expanding it to 40 million tons. The total cost of the project was announced in the amount of $ 90 million in 2007. ----08B
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