“Southern Gas Corridor CJSC has invested over $8.8 billion (or 77 percent) of the total of $11.5 billion (total funding needs in 2014-2020) required for the financing of its participating interests in the Projects,” said the company.
Earlier, the total funding needs in 2014-2020 for financing the company’s shares in the projects were estimated at $11.7 billion.
The Southern Gas Corridor, worth over $40 billion, is considered as one of the priority energy projects for the EU, which strives for diversification of gas sources. The project envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At an initial stage, the gas to be produced in the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Shah Deniz Stage 2, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
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