Investments of Azerbaijani State Oil Fund in construction of TANAP to exceed $1 billion

Oil&Gas Materials 4 November 2013 17:32 (UTC +04:00)

Azerbaijan, Baku, November 4/Trend, A. Akhundov/

Azerbaijan's State Oil Fund (SOFAR) will send some 800 million manat of investments to construction of the Trans-Anatolian pipeline (TANAP), the Executive Director of the State Oil Fund Shahmar Movsumov said during the discussion of the draft state and consolidated budget of Azerbaijan for 2014 at the expanded meeting of the five parliamentary committees.

In addition, according to him, in 2014, SOFAR will start financing other infrastructure projects - about 100 million manat will be allocated to the project for development of broadband Internet, 223 million manat to construction of the STAR plant in Turkey, 285 million manat to construction of a new oil, gas and petrochemical complex.

At the same time, the fund will continue to finance to existing projects: the expenditures on measures to improve the social conditions of refugees and internally displaced persons are anticipated at the level of 300 million manat, 80.2 million manat to finance the project for reconstruction of the Samur-Absheron irrigation system, 33.7 million manat for education of Azerbaijani students abroad within the state program for 2007-2015 and 132 million manat for the construction of Baku-Tbilisi-Kars railway.

In the consolidated budget the revenues of SOFAR are anticipated at the level of 11.626 billion manat, while expenditures are expected to make 11.291 billion manat.

"As in previous years, the large part of revenues we expect from the direct oil and gas sales and $380 million or $480 million we expect from the placement of the assets, " the SOFAR head said.

The State Oil Company was established in 1999 and at that time its assets amounted to $271 million. As of October 2013, the assets of the Oil Fund amounted to $35 809.2 billion.

The official exchange rate on November 4 is 0.7844 AZN/USD.