Azerbaijan to open first phase of Southern Gas Corridor to Turkey in July

The 3,500km pipeline will track through Georgia, Turkey, Greece, Albania and across the Adriatic to Italy. (Tanap)
Updated 19 February 2018
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Azerbaijan to open first phase of Southern Gas Corridor to Turkey in July

BAKU: The first phase of the Southern Gas Corridor (SGC) pipeline from Azerbaijan to Europe will open in July and could be expanded after it becomes fully operational in 2020, Azeri state energy company SOCAR said.
SGC’s three pipelines — the Trans-Adriatic Pipeline (TAP), the South Caucasus Pipeline through Georgia and the Trans-Anatolian Pipeline (TANAP) through Turkey — will provide the first direct route for carrying gas from Azerbaijan’s giant Shah Deniz field to markets in Europe.
“We will start first commercial supplies of gas to Turkey (through TANAP) in early July this year,” Vitaly Baylarbayov, SOCAR deputy vice president, said in an interview with Reuters.
TAP, the 870-kilometer (541-mille) end piece of the $40 billion corridor, has been more challenging, due to protests against it by environmentalists in Italy.
The European Investment Bank approved a 1.5 billion euro ($1.9 billion) loan for TAP earlier this month and Baylarbayov said that the operating consortium would continue to seek funds for the project.
“We can say now that the (SGC) pipeline will be put into operation on time, in 2020,” Baylarbayov said.
The Shah Deniz I field, which has been pumping gas since 2006, has a production capacity of 8 billion cubic meters (bcm), and output from Shah Deniz II is expected to reach 16 bcm of natural gas per year, with 10 bcm earmarked for Europe and 6 bcm for Turkey.
Baylarbayov said SGC could be expanded if promising new gas fields in Azerbaijan can be developed.
He mentioned the Absheron gas field, where SOCAR is drilling in partnership with French oil company Total, and the Karabakh field which it is due to explore with Norway’s Statoil.
Azerbaijan’s Umid and Babek fields could also be developed as could the next stage of Shah Deniz, he said.
“Many foreign companies are also expressing interest in development of Umid and Babek fields together with SOCAR and we are in talks with them,” he said without elaborating on details of talks.
 


First IT-related company starts trading in Saudi bourse

Updated 24 April 2019
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First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

Shares were up 3.2 percent to 48.2 riyals in late trade, with 1,038,877 counters changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.