Azerbaijani State Oil Fund’s investments will exceed $ 34 bln in 2014

Photo: Azerbaijani State Oil Fund’s investments will exceed $ 34 bln in 2014 / Business News

Baku, Azerbaijan, Dec. 20

By Abbas Akhundov - Trend:

The projected total cost (the average amount) of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2014 was set at 27 billion manats.

The Azerbaijani president issued a decree approving the priorities of the program for using SOFAZ's funds for 2014.

For this year the forecast was 25.2 billion manats, versus 23 billion manats in 2012, and 19.4 billion manats in 2011.

"SOFAZ will implement an investment policy allowing maximal yield at low risk of capital loss in 2014," the document says.

SOFAZ will spend the funds in 2014:
- to finance the certain measures relating to the accommodation and improvement of the social conditions of refugees and internally displaced persons' living;
- transfers to the state budget in 2014 ;
- to finance the reconstruction project of the Samur-Absheron irrigation system;
- to finance the construction project of the Baku-Tbilisi-Kars railway line;
- to finance the State Program on Education of Azerbaijani youth in foreign countries in 2007-2015 ;
- to finance the broadband internet development project, which will provide access to all the residential areas in Azerbaijan;
- to finance Azerbaijan's share in the construction project of the oil, gas and petrochemical complex;
- to finance Azerbaijan's share in the Star refinery construction project in Turkey;
- to finance Azerbaijan's share in the Trans-Anatolian gas pipeline project (TANAP).

The official exchange rate is 0.7845 AZN/USD on Dec. 20.

Translated by NH

Edited by CN

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Tags: SOFAZ