SOFAZ to start funding TANAP in 2013

SOFAZ to start funding TANAP in 2013

Azerbaijan, Baku, Nov. 9 /Trend A.Akhundov /

The State Oil Fund of Azerbaijan (SOFAZ) will start funding the project of Trans Anatolian pipeline (TANAP) in 2013, the Executive Director of the fund Shahmar Movsumov stated on Tuesday within the discussions of the draft budget for 2013 and the next three years at a joint meeting of five parliamentary committees.

The TANAP project envisages the construction of a gas pipeline from Turkey's eastern border to the western border to transport gas from Azerbaijan's offshore Shah Deniz field to Europe through Turkey.

On June 26, 2012, Azerbaijan and Turkey signed an intergovernmental agreement on TANAP's implementation.

Currently, Turkish BOTAS owns 20 per cent share in TANAP, while SOCAR has a 80 percent share. The initial capacity of the pipeline will be 16 billion cubic meters.

"In addition, in 2013 the State Oil Fund is planning to join financing of the project on construction of oil and gas petrochemical complex in Garadagh district of Baku," Movsumov said.

According to him, most of the SOFAZ expenses in the amount of 11.35 billion manat will be directed to the state budget as a transfer.

"Some 300 million manat will be contributed to measures on social and living issues of refugees and internally displaced persons and their settlement, 107.4 manat will be allocated to completion of the reconstruction project of the Samur-Absheron irrigation system, 138 million manat - to finance the new railway project of Baku-Tbilisi-Kars, 34 million manat - to State programme on education of Azerbaijan youth abroad in 2007-2015," Movsmov said.
In his words, one of the new projects which will be financed by SOFAZ in 2013, is the construction of high-speed fiber optic network, providing access to all the cities and towns in the country.

According to him, the SOFAZ revenues in 2013 are formed on the basis of oil price at $ 100 for a barrel, as it was set in the national budget for next year.

SOFAZ revenues for the coming year are projected at $ 11.819 billion manat, expenses - at 13.599 billion manat.

SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan. 1, 2011 SOFAZ assets amounted to 22.8 billion and the Fund's current assets have already hit $32 billion.

Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. In 2001-2009 special attention was drawn to the development of the oil and infrastructure sectors, as well as the non-oil sector of the country. At the moment, a number of important projects in irrigation and transportation are financed at the expense of the funds. The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.

The official exchange rate on Nov. 6 is 0,7849 AZN / USD.

Subscribe to Trend in Google News! Subscribe
STAR Refinery, Petkim see significant increase in recycling rate
STAR Refinery, Petkim see significant increase in recycling rate
SOCAR Turkey talks on prospects for new line of production at Petkim
SOCAR Turkey talks on prospects for new line of production at Petkim
Turkey confirms 76,341 daily COVID-19 cases
Turkey confirms 76,341 daily COVID-19 cases
Loading Bars
Latest
Iranian president expresses openness to direct talks with US
Azerbaijan's TABIB recommends booster COVID-19 vaccination to further strengthen immunity
Azerbaijani defense minister continues official visit to Iran (PHOTO)
No one should doubt that new legislation on media in Azerbaijan will meet modern developments - Azerbaijani Media Dev't Agency
Azerbaijan's Rabitabank discloses net profit for 2021
SOCAR’s production union overfulfills production plan
Armenian PM Pashinyan tests positive for COVID-19
Iran reveals trade turnover with Caspian Sea countries
Hualing FIZ CEO talks new projects launched in 2021 (Exclusive)
SOCAR Carbamide’s revenues grow six-fold
STAR Refinery, Petkim see significant increase in recycling rate
Turkmenistan's Halkbank opens tender for audit
Russian companies submitted 14 applications for participation in restoration of Azerbaijan’s liberated territories - ambassador
SOCAR Turkey talks on prospects for new line of production at Petkim
Baku preparing to host FIG Trampoline Gymnastics World Cup
Uzbekistan notes overall increase in exports within 2021
Ambassador Bocharnikov talks increased number of Russia-Azerbaijan flights
Remains of Armenian soldier found in Azerbaijan’s liberated Jabrayil district
Moscow shares Azerbaijani President Ilham Aliyev's approach, vision on trilateral working group - ambassador
Kazakh project for copper-gold deposit dev't may receive nuclear-powered icebreaker
Ambassador talks expected visits of Russia's businessmen to Azerbaijan
Bank of Georgia allocates funds to local shoemaking company for exporting goods to US
Russian ambassador talks upcoming 20th anniversary meeting of Russia-Azerbaijan intergovernmental commission
Russian ambassador assesses work of LUKOIL in Azerbaijan
Turkmenistan's Turkmenhimiya to buy equipment via tender
Meetings of Azerbaijani, Armenian public figures to contribute to normalization of ties – Russian ambassador
Russian ambassador talks trade-economic cooperation between '3+3' countries (PHOTO)
Turkmenbashi oil refineries extends tender for hydrogen production unit construction
Russian ambassador comments on possibility of Azerbaijan joining EAEU
India Emerges as a Global Actor during the Pandemic Crisis
Russia highly appreciates Azerbaijan's position on normalization of regional situation - ambassador
Uzbek Commodity Exchange announces weekly quotes of commodities for export
Georgia’s Hualing FIZ to sign agreement on area expansion (Exclusive)
S.Korea's daily COVID-19 cases surge as new testing scheme begins
Uzbekistan proposes initiative to ensure free trade
Volume of Russian investments in Azerbaijan unveiled - ambassador
Blast in Greek capital damages buildings, one injured
JV in Kazakhstan to engage electric engine repair services via tender
Kazakhstan’s oil producing company opens tender to remove hazardous drilling waste
Kazakhstan’s vice minister of ecology, head of "Operator ROP" company detained
Turkmenistan launches unified trading platform for entrepreneurs
Azerbaijan discloses districts with highest cotton yield
Power outage in Uzbekistan leads to decrease in gas production
Kazakhstan shares data on Samruk-Kazyna Sovereign Wealth Fund's debt
Axpo Holding places first sustainability-linked bond
Azerbaijani oil prices up
Uzbekneftegaz JSC resumes operation of its enterprises and plants following large-scale blackout
‘Nar’ takes the title of Azerbaijan champion (PHOTO)
Georgia reports new record high COVID-19 cases
Germany to support development of Azerbaijan's private sector
Turkmenistan ready to boost natural gas supplies to China
Uzbekistan's Tashkent Metro resumes operations
Kazakhstan introduces anti-terrorist operation regime in Almaty's district
ITU talks areas of cooperation with Turkmenistan
Azerbaijan proves to be reliable partner in large scale energy projects – GECF
Azerbaijan to export saffron to Arab countries
Russian stocks open higher on Wednesday
Azerbaijani Central Bank receives ISO/IEC certificate on information security management
Liabilities of Georgia’s commercial banks up
Azerbaijani currency rates for January 26
Azerbaijani transport, communications sector lending down in 2021
Azerbaijan records increase in number of loans issued in trade and service sector
Azerbaijan preparing bill to further strengthen material and technical base of armed forces
IGB joins PRISMA platform
Volume of problem loans decreases in Azerbaijani banks in 2021
Subsidies for poultry farms to increase in Uzbekistan
Oil dips on profit-taking ahead of Fed update
Iran to support women's empowerment plans
Peru PM tests positive for COVID-19
Georgia, Poland to co-op in railway sector under EU-funded project
U.S. Coast Guard searching for 39 missing off Florida
Turkey confirms 76,341 daily COVID-19 cases
US approves major arms sale to Egypt
Scientists take aim at Omicron
U.S. House Speaker Pelosi announces reelection bid in 2022 midterms
James Webb Space Telescope reaches observation post a million miles from Earth
Microsoft offers strong forecast, lifting shares
Americans need to lift sanctions before call for direct talks
Over 10 mln children in U.S. infected with COVID-19
Number of COVID-19 cases worldwide exceeds 350 mln
Qatar's emir to visit Washington on Jan. 31
Airbus to create own airline to rent out whale plane
Closure of Istanbul Airport extended
White House says Biden is open to engaging with Putin but no talks are planned
Kazakhstan unveils foreign trade structure with EAEU countries for 11M2021
Israel's president says to make "historic visit" to UAE
Uzbekistan sets up government commission to study major power outage
IMF downgrades 2022 global growth forecast to 4.4 pct amid Omicron surge
Turkey starts giving Turkovac as booster shot to BioNTech recipients
Azerbaijan, Iran discuss prospects for development of military cooperation (PHOTO)
Azerbaijan Defense Minister meets with Chief of General Staff of Armed Forces of Iran (PHOTO)
Pfizer, BioNTech start clinical trial of Omicron-specific COVID-19 vaccine
Number of infections with Omicron COVID-19 strain keeps growing in Azerbaijan
Azerbaijan's servicemen honor memory of martyrs in Dashalty village of liberated Shusha - Trend TV (PHOTO/VIDEO)
Embassy of India in Baku celebrates National Tourism Day as part of 73rd Republic Day of India and 75 years of India’s Independence (PHOTO)
Bridge construction over Astarachay River to be funded by Iran and Azerbaijan - Iranian minister
Iran's foreign trade increases
New bridge construction over Astarachay River to promote freight traffic growth
Hopefully, number of Azerbaijani tourists to India increases - ambassador (PHOTO)
Central Bank of Azerbaijan, SOFAZ hold foreign currency auction
All news