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Supervisory Board of Southern Gas Corridor formed

06 May 2014 16:22 (UTC +04:00)

Baku. Agshin Rafigoghlu – APA-Economics. Afgan Isayev has been appointed as a Director General of Southern Gas Corridor CJSC.

At the same time, a Supervisory Board of Southern Gas Corridor was formed. The Board included First Deputy Prime Minister Yagub Eyyubov, Minister of Economy and Industry Shahin Mustafayev, Minister of Energy Natig Aliyev, SOFAZ Executive Director Shahmar Movsumov and SOCAR President Rovnag Abdullayev.

On February 25, President Ilham Aliyev issued an order on establishment of the Closed Joint Stock Company for management of project development of Shahdeniz II and expansion of TANAP and TAP gas pipelines. Authorized capital of the company is $100 mln.

SOCAR’s wil have 49%-equity in CJSC, government - 51%. The Stage-2 is estimated at $28 bln. Annual capacity of production will be 16 bcm. 10 bcm will be transported to Europe and 6 bcm to western regions of Turkey. Azerbaijani gas will be transported to Europe from 2019.