SOFAZ allocates 737 mln USD to Southern Gas Corridor project

Baku. 9 March. REPORT.AZ/ In 2014-2015, the State Oil Fund of Azerbaijan Republic (SOFAZ) has allocated 736.9 million USD or 732.8 million AZN to "Southern Gas Corridor" projec to finance the share of Azerbaijan's participation in the project of the Southern Gas Corridor. Report informs, the report on activity of the Cabinet of Ministers in 2015 declares.

According to the report, in 2015, SOFAZ has transferred to the account of the Ministry of Economy 692.8 million AZN or 685.9 million USD, and expenditures of the Fund under this project made 69.5% in comparison with the projected budget of SOFAZ in sum of 997.016 mln. AZN.

Notably, in order to ensure the second phase of the development of gas condensate field "Shah Deniz", the expansion of the South Caucasus Pipeline, and management of TANAP and TAP projects, President of Azerbaijan signed a decree February 25, 2014 on the establishment of JSC "Southern Gas Corridor" with an authorized capital of 100 mln. USD. The state share in the project is 51%, SOCAR - 49%. According to paragraph 2.1 of the order, financing of state-owned shares of CJSC entrusted to Azerbaijani Oil Fund, ownership and management to the Ministry of Economy.