...

State Oil Fund of Azerbaijan allocates over $1.12B for large irrigation project

Business Materials 7 May 2015 11:23 (UTC +04:00)

Baku, Azerbaijan, May 7
By Maksim Tsurkov - Trend:

Over 1.17 billion manat have been allocated from the State Oil Fund of Azerbaijan for the reconstruction of the Samur-Absheron irrigation system project as of April 1, 2015, SOFAZ said.

"In particular, 532.7 million manat have been allocated for construction of the Takhtakorpu reservoir and a hydropower station," SOFAZ`s report said. "Some 401.7 million manat and 167 million manat have been allocated to construct Takhtakorpu-Jeyranbatan and Velvelichay-Takhtakorpu canals respectively."

The rest funds have been allocated for the maintenance of the project team - 3.56 million manat, preparation of technical and tender documentation, as well as other expenses - 32.4 million manat.

SOFAZ allocated some 25 million manat for this project in the first quarter of this year, the report said.

The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.

As of Apr. 1, 2015, the assets of Azerbaijan's State Oil Fund (SOFAZ), decreasing by 5.86 percent compared to early 2015 ($37.104 billion) stood at $34.930 billion.

The main goals of the State Oil Fund include accumulation of resources and placement of the Fund's assets abroad in order to minimize the negative affect on the economy, the prevention of 'Dutch disease' to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

The official exchange rate is 1.0481 AZN/USD on April 7.

follow the author on Twitter: @MaksimTsurkov

Tags:
Latest

Latest