Azerbaijan expects to earn up to $50 billion from SGC project

Azerbaijan's income from the implementation of the Southern Gas Corridor (SGC) project will amount to 30 - 50 billion US dollars, executive director of the Azerbaijani State Oil Fund Shahmar Movsumov said in an interview with Caspian Energy magazine. "According to preliminary calculations, Azerbaijan will receive with varying prices for oil, both from the sale and from the transport of hydrocarbons, $30 billion to $50 billion. This will give a push to the development of both the country`s economy and also the region as a whole," Movsumov said. He said that the implementation of the SGC project was aimed at ensuring long-term development of Azerbaijan's economy. "The SGC will give Azerbaijan additional economic and financial opportunities and provide the country with economic profit," Movsumov said. The Southern Gas Corridor project envisages the creation of pipeline infrastructure for the transport of Azerbaijani gas, produced as part of Stage II of the development of the Shah Deniz field, to Europe through Turkey.