SOFAR TO ALLOCATE $30 MILLION FOR FINANCING BTC PROJECT IN 2005
The State Oil Fund of Azerbaijan (SOFAR) plans to go on financing of the Baku-Tbilisi-Ceyhan (BTC) pipeline construction in the current year. The total amount of $ 30 million is planned to allocate for these goals in 2005, the SOFAR executive director Samir Sharifov told Trend.
Under the SOFAR budget forecast for 2005, 105 billion manats were to be allocated to the countryвЂ™s share financing in the Baku-Tbilisi-Ceyhan (BTC) construction in the current year. At the result of the budget adjusting expenditures are to be increased by 100 billion manats, part of which will go to the BTC funding. For the first half-year 45,4 billion manats have already been allocated to the project financing.
The BTC Co is currently going on to fill in the pipeline with the technical oil, the volume of which will be 10 million barrels. The first tanker shipment is expected in late 2005.