SOCAR increases support for football

Business Materials 24 September 2012 19:19

Azerbaijan, Baku, Sept. 24 /Trend A.Akhundov/

The State Oil Company of Azerbaijan (SOCAR) will increase support for football in the country, the company vice president on financial issues reported to Trend.

"In the framework of sponsorship agreement SOCAR allocates about 20 million manats to AFFA(Association of Football Federations of Azerbaijan) annually. This funds are spent on various programs on development of children's football and professional football, the improvement of infrastructure. The current development of children's football requires investments",Gasimov said.

SOCAR is also the general sponsor of Neftchi football club, which made it to the group stage of Europe League- the second most important club tournament in Europe.

"We are covering all the club expenses. We contribute from 5 to 7 million manats to the club annually depending on the club's performance in the international arena, which makes around 500 thousands manats per month. The expenses are partly covered through prizes from European football organizations. However, the general expenses are covered by us. We are going to keep up the financing",Gasimov said.

The official exchange rate for September 24 is 0,7853 AZN/USD