Azeri company Southern Gas Corridor plans to raise about $1.8 billion on international financial markets in 2017, Azeri Finance Minister Samir Sharifov said on Wednesday.
The company operates a gas pipeline being built from Azerbaijan through Turkey to Europe to deliver gas beginning in 2019 from the Shah Deniz gas field in the Caspian Sea.
"The government will continue to borrow abroad for the needs of the Southern Gas Corridor company under state guarantees," Sharifov told Reuters.
"We need to raise $3 billion and 60 percent of this sum will be borrowed on the international market in 2017," Sharifov said.
Southern Gas Corridor raised $1 billion via a 10-year Eurobond in March. The Eurobond was sold at 80 basis points above the price of Azeri sovereign bonds, with a coupon of 6.875 percent.
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