Azernews.Az

By Aynur Jafarova

Afgan Isayev was appointed the Director-General of the Southern Gas Corridor Closed Joint Stock Company (CJSC).

The news was announced Baku Stock Exchange on May 6.

The Supervisory Board of the CJSC includes Azerbaijan's First Deputy Prime Minister Yagub Eyyubov, Economy and Industry Minister Shahin Mustafayev, Energy Minister Natig Aliyev, Executive Director of Azerbaijan's state oil fund SOFAZ Shahmar Movsumov and head of Azerbaijan's state energy company SOCAR Rovnag Abdullayev.

Earlier, SOFAZ reacquired the total volume of primary issue of bonds of the CJSC.

The unsecured, interest-bearing, registered, and non-certificated bonds, the prospectus of which was recently registered by Azerbaijan's State Committee for Securities, are worth over $917.32 million. Some 9,173,208 bonds, each with a nominal value of $100, will be placed at Baku Stock Exchange.

President Ilham Aliyev signed a decree on establishing a CJSC for effective management of energy projects on February 25.

The decree concerns projects related to the second stage development at the giant Shah Deniz field and the expansion of the South Caucasus Pipeline, Trans-Anatolian (TANAP) Pipeline, and the Trans-Adriatic (TAP) pipeline.

SOFAZ has been instructed to provide an equity financing for the CJSC.

The funds that will be provided for the CJSC will provide a long-term investment on return conditions.

The gas which will be produced at the second stage of Azerbaijan's Shah Deniz field development will be the main source of the Southern Gas Corridor, which envisages the transportation of the Caspian gas to European markets.