SOFAZ, SOCAR study investment opportunities in oil and gas projects in Caspian Sea

Business Materials 9 February 2011 14:33 (UTC +04:00)

Azerbaijan, Baku, Feb. 9 / Trend I.Khalilova /

The State Oil Fund of the Azerbaijan Republic (SOFAZ) together the State Oil Company of the Azerbaijan Republic (SOCAR) is discussing the acquisition of additional equity in gas projects in the Caspian Sea, SOFAZ Executive Director Shahmar Movsumov told Trend.

"Given the success of oil and gas projects in the Caspian, we are discussing the purchase of an equity stake in them," Movsumov said. "The fund is expected to allocate funds for this end."

The SOFAZ program on the main directions for using funds in 2011 covers investments in development projects in the mining industry in the Caspian Sea.

Movsumov said that according to a decree approving the SOFAZ budget, SOFAZ now provides financing for the construction of the Baku-Tbilisi-Kars Railroad, Oguz-Gabala-Baku Pipeline, Samur-Absheron irrigation system reconstruction, and measuers to improve youth education and the living conditions of IDPs.

"The fund is not expected to finance new projects in the near future," he added.

SOFAZ assets as of Jan.1, 2011, amounted to $22 766.8 million with an increase of 52.8 percent, compared to early 2010($14 900.4 million).

The fund was established in 1999.