Details added (first version posted at 12:11)
Baku, Azerbaijan, Feb. 2
The budget for the Formula 1 European Grand Prix in Baku is much less than $150 million, said Azad Rahimov, Azerbaijan's minister of youth and sports, speaking to reporters Feb. 2.
"Twelve million manats have been spent for upgrading a six-kilometer road," he said.
Rahimov added that a two-story ready-made pit stop building, with a length of 300 meters and width of 21 meters, will be delivered to Baku and installed on the Azadlig Square.
The minister also said preparations for the competition are going in accordance with the schedule.
"We are trying for the preparations not to create any problems for the capital's residents," he said.
Azerbaijan will for the first time host the Formula 1 European Grand Prix. The competition will be held on June 17-19.
The Baku circuit for the F1 will have a length of six kilometers with 20 turns, and will be very fast with a top speed of 340 km/h.
Tickets for the competition are currently being sold.