Azerbaijan’s State Oil Fund invests over $12M for reconstruction of irrigation system

Business Materials 21 July 2016 19:28 (UTC +04:00)

Baku, Azerbaijan, July 21

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) allocated 19.6 million Azerbaijani manats ($12.49 million) in H1 2016 to finance the reconstruction of the Samur-Absheron irrigation system, said SOFAZ’s activity report for January-June 2016.

The report says that SOFAZ has allocated nearly 1.26 billion manats ($802.4 billion) to finance the project until July 1, 2016.

The project is aimed at creating a reliable water source for Baku and Sumgait cities and reducing the costs of water transportation.

SOFAZ began to finance the project in 2006.

SOFAZ was established in 1999 with assets of $271 million.

As of July 1, 2016, SOFAZ's assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.


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