Baku, Azerbaijan, Apr. 30
By Maksim Tsurkov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has allocated $718.6 million for the new generation rig construction since the beginning of this project in Azerbaijan, the fund told Trend.
"Some $22.6 million has been allocated for the project in the first quarter of 2016," according to the SOFAZ.
The cost of the new generation rig construction project in Azerbaijan is $1.116 billion.
The State Oil Fund owns 90 percent stake in Azerbaijan Rigs Ltd., created for the construction of the new platform. The remaining 10 percent of shares in the company are owned by SOCAR (State Oil Company of Azerbaijan).
The first drilling rig of the new generation will be built for SOCAR's needs.
The operator of the drilling rig will be the Caspian Drilling Company (CDC) where a 92.44 per cent share is owned by SOCAR. Singapore firm Keppel FELS Limited is chosen as the plant construction contractor. In June 2013, CDC signed an agreement with this company for the construction work.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.