The net profit of the pipeline consortium TANAP Natural Gas Transmission Company reached $160 million in 2020 versus net loss of $145 million in 2019, Southern Gas Corridor has reported.
The consortium’s revenues tripled year-on-year in 2020, reaching $682 million, while the cost of sales increased by 31% (reaching $133 million).
The company made other revenues worth $1.4 million and its interest income was $353,000.
Furthermore, the consortium’s total and administrative expenses in 2020:
- amounted to $192 million (growth by 2.6 times)
- financial expenditures – $197 million (6.5% growth).
- the net loss from the exchange rate difference in 2020 amounted to $550,000 (growth in 2.6 times)
However, there was 0.5% decline in 2020 in TANAP Natural Gas Transmission Company’s assets that were worth $6.7 billion, including short-term assets – $141 million, long-term assets – $6.5 billion.
In the structure of long-term assets, the cost of the pipeline is:
- $ 6.3 billion (growth by 52.3%)
- unfinished construction – $142 million (decline by 17 times)
The consortium’s commitments for early 2021 amounted to $3.9 billion (a decrease of 4.8%), including short-term – $9.6 million, long-term – $2.7 billion.
The capital of the consortium by late 2020 was $2.9 billion (5.7% increase).
It should be noted that Azerbaijan exported 5 billion m3 of gas to Turkey via the Trans-Anatolian gas pipeline in 2020.
According to the forecasts of Azerbaijan´s SOCAR, the activity of the TANAP gas pipeline in Turkey covers 12 % of Turkey’s gas needs.
Neftegaz.RU
