SHAH DENIZ
PROJECT (SD)
SOUTH CAUCASUS
PIPELINE (SCP)
TRANS-ANATOLIAN
PIPELINE (TANAP)
TRANS ADRIATIC
PIPELINE (TAP)
“Fitch” has upgraded Southern Gas Corridor CJSC's Eurobond's long-term foreign-currency rating to 'BBB-'

“Fitch Ratings” has upgraded Southern Gas Corridor CJSC's senior unsecured Eurobond's long-term foreign-currency rating to 'BBB-' from 'BB+'. The Outlook is Stable.

12 August 2024 Link to the news
Moody's affirmed Azerbaijan's and SGC CJSC's ratings at Ba1 and changed the outlook from stable to positive

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06 July 2024 Link to the news
Southern Gas Corridor CJSC delivered positive results for the 2023 fiscal year

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The principal part of Southern Gas Corridor CJSC’s (“SGC”) revenues is generated from the sale of crude oil and natural gas, as well as services related to the transportation of natural gas. In 2023 SGC's revenues amounted to US$ 3.1 billion, an increase of 15.7% compared to 2022.

At the same time, SGC closed the fiscal year with a net profit of US$ 1.3 billion, increasing its total equity by 22.2%.

SGC's short and long-term borrowings decreased by 9.3% in the reporting year.

It is noteworthy that the consolidated financial statements of SGC for the year ended 31 December 2023, were audited by a reputable international audit firm "Ernst & Young Holdings (CIS) B.V." and received an unqualified opinion.

Financial statements are available at the following link.

SGC is the entity holding, managing and financing the participating interests of the Republic of Azerbaijan in the Southern Gas Corridor projects. It was incorporated pursuant to Presidential Decree No. 287 dated 25 February 2014. 51% of shares in SGC’s share capital is held by the Ministry of Economy of the Republic of Azerbaijan, while 49% of shares is owned by SOCAR.

03 July 2024 CLOSE
Southern Gas Corridor CJSC agrees to sell a 5% stake in the Shah Deniz Production Sharing Agreement

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On 5 June 2024, Southern Gas Corridor CJSC (“SGC”) entered into a sale and purchase agreement with MVM Group (owned by the Republic of Hungary) for the sale of a 5% stake in the Production Sharing Agreement for Shah Deniz offshore gas-condensate field in the territory of Azerbaijan and a 4% stake in Azerbaijan Gas Supply Company Limited (“AGSC”), the exclusive special-purpose vehicle established for the marketing and sale of natural gas produced from Shah Deniz gas-condensate field. The agreement was signed during Baku Energy Week.

The Shah Deniz is one of the world’s largest natural gas-condensate fields and was discovered in 1999. The field is located on the deepwater shelf of the Caspian Sea, approximately 70 km southeast of Baku. The Shah Deniz project is set up as an unincorporated joint venture partnership operated by bp.

Shah Deniz facilities can produce up to 29 billion cubic meters of natural gas and roughly 60 million barrels of condensate annually. The field has significant hydrocarbon reserves and has been producing reliably and steadily for almost 20 years. A total of more than 218 billion cubic meters of natural gas and 371 million barrels of condensate have been produced from the field since inception.

SGC is pleased to welcome MVM Group into the Shah Deniz Production Sharing Agreement to cooperate alongside other leading global energy companies including bp (29.99%), Lukoil (19.99%), TPAO (19%) and NICO (10%) in the unincorporated joint venture.

The transaction is a further testament to Azerbaijan’s key role in European energy security aimed at long-term cooperation and marks the entry of a new energy player in Azerbaijani oil & gas market. The closing of the transaction is expected to take place in Q3’2024 after the satisfaction of customary conditions precedent. Following the closing of the transaction, SGC will hold a 16.02% participating interest in the project.

SGC is the entity holding, managing and financing the participating interests of the Republic of Azerbaijan in the Southern Gas Corridor projects. It was incorporated pursuant to Presidential Decree No. 287 dated 25 February 2014. 51% of shares in SGC’s share capital is held by the Ministry of Economy of the Republic of Azerbaijan, while 49% of shares is owned by SOCAR.

05 June 2024 Read more
Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) Eurobond's rating at 'BB+'

Fitch Ratings - Frankfurt am Main - 31 Jan 2024: Fitch Ratings has affirmed Southern Gas Corridor CJSC's (SGC) senior unsecured Eurobond's long-term foreign-currency rating at 'BB+'

31 January 2024 Link to the news
SGC posts $727M net profit in first half of 2023

The Southern Gas Corridor CJSC (SGC) ended the first half of 2023 with $726.6 million in net profit

13 November 2023 Link to the news
Ilham Aliyev is attending 9th Southern Gas Corridor Advisory Council Ministerial Meeting and 1st Green Energy Advisory Council Ministerial Meeting

The 9th Southern Gas Corridor Advisory Council Ministerial Meeting and 1st Green Energy Advisory Council Ministerial Meeting are underway at Gulustan Palace in Baku. President of the Republic of Azerbaijan Ilham Aliyev is attending the meeting.

03 February 2023 Link to the news
SOCAR, UAE’s Masdar company sign joint development agreements for renewable energy sources

SOCAR and the UAE’s Masdar company signed an Agreement on the joint development of offshore wind energy and hydrogen projects with a capacity of 2 GW, as well as joint development of 1 GW solar photovoltaic energy, and 1 GW onshore wind energy projects

15 January 2023 Link to the news
İlham Aliyev: Azerbaijani gas contributes to Europe's energy security

"Today, Azerbaijani gas contributes to Europe's energy security," President of Azerbaijan Ilham Aliyev told the joint briefing with the President of Albania Bajram Begaj, Report informs.

15 November 2022 Link to the news
Euronews: EU calls Azerbaijan reliable partner

European Union calls Azerbaijan a reliable partner, Euronews wrote, Report informs.

18 July 2022 Link to the news