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Azerbaijani Finance minister: No need in loan for Southern Gas Corridor

Azerbaijani Finance minister: No need in loan for Southern Gas Corridor

Baku, August 2 - Neftegaz.RU. Samir Sharifov, Azerbaijani Finance Minister stated at the meeting related to the country’s socio-economic sphere that there is no need in the guaranteed loan of $750 million issued by the Multilateral Investment Guarantee Agency (MIGA) for the SGC.

However, he noted that negotiations were held with foreign financial institutions and they were ready to allocate funds if necessary.

Sharifov also said that all obligations regarding the state debt as well as the approved medium-term and long-term state debt management strategies are being fully implemented in Azerbaijan.

MIGA is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against political and non-commercial risks in developing countries.

Southern Gas Corridor (SGC) is regarded as a world scale project in the oil and gas industry. Currently, Azerbaijani gas is transported via Southern Gas Corridor (SGC) to Georgia and via TANAP to Turkey. Shah Deniz gas field, which feeds the SGC, is the largest natural gas field in Azerbaijan.

Author: Mirsaid Ibrahimzade

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