Issue prospectus of Southern Gas Corridor CJSC registered
By Aynur Jafarova
Azerbaijan's State Committee for Securities registered the issue prospectus of the non-certificated bonds of Southern Gas Corridor CJSC.
The unsecured, interest-bearing, registered, and non-certificated bonds are worth over $917.32 million, the Baku Stock Exchange said on May 1.
Some 9,173,208 bonds, each with a nominal value of $100, have been issued.
The placement underwriter is PSG-Broker LLC.
Azerbaijani President Ilham Aliyev signed a decree on establishing a Closed Joint-Stock Company (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.
State oil fund 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.
The Shah Deniz field, one of the world's largest gas-condensate fields, was discovered in 1999. Its reserves are estimated at 1.2 trillion cubic meters of gas. Overall, the field has proven to be a secure and reliable gas supplier to Azerbaijan, Georgia, Turkey, and Europe.
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