BAKU, Azerbaijan, Sept.6. Capital of the Southern Gas Corridor CJSC dropped from $10,206,359,000 in 2020 to $9,677,155,000 in 2021, Trend reports with reference to the consolidated financial statements of the Southern Gas Corridor CJSC for the year ended 31 December 2021.
As such, the company saw a 5,18 percent decrease in its capital year-on-year. Gearing ratio equaled to 77 percent versus 83 percent in 2020.
The current target of the Group’s capital management is to maintain the debt-to-equity ratio within 75-85%: 25-15%.
Net debt of the Southern Gas Corridor CJSC dropped decreased from $8,427,987,000 to $7,440,551,000, long-term borrowings amounted to $6,925,827,000, while short-term and current portion of long-term borrowings stood at $750,205,000.
SGC was founded on 31 March 2014 by the State (the Ministry of Economy of Azerbaijan Republic) (51%) and SOCAR (49%).
All of SOCAR’s participating interests in the SGC projects were transferred to SGC, which undertook onward financing of these participating interests (the completion of the transfer of 14.35% stakes in Shah Deniz and South Caucasus Pipeline projects will take place in 2023 subject to the fulfilment of certain conditions precedent).
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