State Oil Fund of Azerbaijan allocates around $1.3 billion for irrigation project

Azerbaijan, Baku, Oct. 29 / Trend, E. Ismayilov /

As of October 1, 2013, the State Oil Fund of Azerbaijan (SOFAZ) allocated over $1 billion manat to implement the reconstruction project for the Samur-Absheron irrigation system, SOFAZ said on Monday.

"In particular, more than 470.43 million manat was allocated for the construction of the Takhtakorpu reservoir and a hydroelectric power station," SOFAZ said. "Over 375.47 million and 124.2 million manat were allocated for the construction of the Takhtakorpu - Jeyranbatan and Velvelichay - Takhtakorpu canals," SOFAZ said.

The remaining funds were allocated for the maintenance of the project team amounting to 2.81 million manat, the transfer of oil and gas pipelines - 20 million manat, preparation of design estimates for construction - 1.8 million manat, the construction of accommodation consisting of 70 houses for refugees - 1.5 million manat, land acquisition and compensation - 5.2 million manat and construction of access roads - 0.5 million manat.

SOFAZ was established in 1999 when its assets amounted to $271 million.

As of Oct. 1, 2013, SOFAZ assets hit $35.809.2 billion.

The main purpose of the fund is the accumulation and placement of the fund's assets abroad to minimise a negative impact on the economy preventing 'Dutch disease' and to ensure savings for future generations and to maintain the current socio-economic standards of the country.

The official exchange rate is 0,7844 AZN/USD on Oct. 29.

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