BAKU, Azerbaijan, July 6. Revenues of Southern Gas Corridor closed joint-stock company (CJSC) based in Azerbaijan have grown by 50.3 percent year-on-year, Trend reports.
The company’s revenues increased from $1.8 billion in 2021 to $2.6 billion in 2022.
Its gross profit stood at $2.3 billion as of December 31, 2022 compared to $1.4 billion as of December 31, 2021, showing an increase by 64.3 percent.
The operating profit rose from $1.13 billion to $1.97 billion, up by 74.3 percent.
SGC was founded on 31 March 2014 by the state (Azerbaijan’s economy ministry of (51 percent) and SOCAR (49 percent)).
All of SOCAR’s participating interests in the SGC projects were transferred to Southern Gas Corridor CJSC.
Azerbaijan launched gas deliveries to Europe via the Southern Gas Corridor on December 31, 2020. This year, the country plans to export 12 billion cubic meters of gas to Europe.
In July 2022, Azerbaijan and the EU signed a memorandum of cooperation in the energy sector, which envisages increasing gas supplies through the Southern Gas Corridor from 10 billion cubic meters to 20 billion cubic meters per year by 2027.
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