Baku, Fineko/abc.az. Sangachal-Garadagh Oil & Gas Terminal (SGOGT) CJSC is finishing negotiations with Kazakhstan and Turkmenistan about supplies of oil and gas products for transshipping through the Sangachal-Garadagh Terminal under construction.

Azersun’s president Abdolbari Gozal said that the relevant agreements with both countries would be signed within one or two months.

“Everything is ready for signing of the gas transit contract, but transit volume has not been established. A range of issues is still under discussion, and their clarification is expected in the next one or two months,” Gozal said.

Railway tracks have been already laid to the Terminal location site. The SGOGT expects signing of an agreement on construction of a reservoir depot of the Terminal. Currently the Sangachal-Garadagh Terminal project is financed by its shareholder founders, but a range of foreign investors has displayed an interest to participate in the project and among them are Societe Generale, BNP Paribas, Commerzbank and YapiKredi.

SGOGT founders are AIC and Kavkaztransservis (a member of Azersun Holding Group of Companies).

The 1st stage of the two-stage construction is to finish for 18-20 months and Terminal capacity will reach 12 million tons a year and during the 2nd stage it will be brought up to 20 million tons. Total cost of the project is $170 million, including $36 million to be funded by Azersun Holding and AIC (the latter has already financed its share of $9 million). The balance of the project cost will be covered by foreign loan borrowers.

It was issued 30,600 shares with face value of AZN 1,000 each for the announced SGOGT charter capital of AZN 30.6 million ($36.097 million).

AIC owns 25% of the SGOGT shares.

02.05.2008 11:09