President Ilham Aliyev has signed a decree establishing a closed joint-stock company (CJSC) for "effective management" of projects within the second phase of the Shah Deniz gas and condensate development.

The State Oil Company of Azerbaijan Republic (SOCAR) will create a closed joint stock company (51 percent state-owned and 49 percent owned by SOCAR) with an authorized capital of $100 million to oversee the projects including Shah Deniz phase two, the South Caucasus Pipeline extension, Trans-Anatolian Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).

The projects are estimated to cost $45 billion.

ANN.Az