18:50 GMT06 June 2020
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    The South Caucasus Gas Pipeline Company (SCPC) is to gather $7 billion of investments, the president of SOCAR said Wednesday.

    BAKU (Sputnik) — The South Caucasus Gas Pipeline Company (SCPC), partly operated by the State Oil Company of Azerbaijan Republic (SOCAR), aims to attract $7 billion in investment, the president of SOCAR said Wednesday.

    "It is known that the South Caucasus Gas Pipeline Company has already attracted $1 billion in investments. By the end of the year, we expect to have $1.5 billion more…. Overall, we are aiming to attract cheap and long-term investments of up to $7 billion. I hope the process will pass off successfully," Rovnag Abdullayev told journalists.

    The South Caucasus Gas Pipeline is a the top priority project for the European Union, it involves the transportation of natural gas from the Shah Deniz field among other sources in Azerbaijan and the Caspian Sea to markets in Turkey and Europe.

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    Tags:
    Oil, company, SOCAR, South Caucasus, Azerbaijan
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