ECONOMY


Azerbaijan spent around $800m on Southern Gas Corridor project in 2017

Baku, May 9, AZERTAC

Director General of the Southern Gas Corridor CJSC Afgan Isayev said Azerbaijan has invested $799.3 million in the Southern Gas Corridor project this year.

According to him, 53 per cent (or $6.6 billion) of the total of $12.4 billion funding required for the project in 2014-2019 has already been spent.

The Southern Gas Corridor is one of the most complex gas value chains ever developed in the world. Stretching over 3,500 kilometres, crossing seven countries and involving more than a dozen major energy companies, it is comprised of several separate energy projects representing a total investment of approximately US$45 billion.

Its major components include: The Shah Deniz 2 development, drilling wells and producing gas offshore in the Caspian Sea; Expansion of the natural gas processing plant at the Sangachal Terminal on the Caspian Sea coast in Azerbaijan; Three pipeline projects:

South Caucasus Pipeline (SCPX) – Azerbaijan, Georgia, Trans Anatolian Pipeline (TANAP) – Turkey, Trans Adriatic Pipeline (TAP) – Greece, Albania, Italy; Expansion of the Italian gas transmission network; Possibilities for further connection to gas networks in South Eastern, Central and Western Europe.

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