Amendments planned in 2014 budget of Azerbaijan State Oil Fund
Baku. Agshin Rafigoglu – APA-Economics. An appeal has been made to the Supervisory Board to make amendments in 2014 budget of Azerbaijan State Oil Fund, Executive Director of the State Oil Fund Shahmar Movsumov told journalists, APA-Economics reports.
He said the amendment envisages allocation of funds to form $51 million capital of the new company established to manage gas projects under the decree of Azerbaijani President.
“These funds are not envisaged in the budget. But this is presented by the State Oil Fund as direct investment and is a long-term investment,” he said.
Shahmar Movsumov said financing of Southern Gas Corridor projects will be started from this year and continued by 2018-2019.
“After that incomes will be generated from these projects. The income will be directed to the newly-established company and this company will return these funds to the State Oil Fund,” he said.
Executive Director of the Fund said $51 million will be directed to the operating company this year.
“The financing of these projects will require $2-2.5 billion. We hope this will be returned to the Fund by 2023-2024,” he said.
Related news releases
24.07.2017Azer Turk Bank capital adequacy ratio exceeds 40%
24.07.2017Bank Respublika ends H1 on loss
21.07.2017Bank VTB Azerbaijan ends H1 on profit
21.07.2017Gala Life Insurance gets 11.5% decline in assets
21.07.2017Official Exchange Rates
20.07.2017Holcim (Azerbaijan) ends 2016 on loss
20.07.2017BSE ends 2016 on loss
20.07.2017PASHA Bank’s profit exceeds AZN 24M
20.07.2017Yapi Kredi Bank Azerbaijan ends Q2 on profit
20.07.2017Unibank ends H1 on profit
20.07.2017Dollar edges off lows against euro, central banks eyed
19.07.2017Finance Ministry announces revenues and expenditures of state budget
19.07.2017AMF issues AZN 25M-bond
19.07.2017Trade turnover between Azerbaijan and Georgia exceeds $356M
19.07.2017NBC Bank loses hope for repayment of most of troubled loans
18.07.2017IBA’s restructuring plan adopted
18.07.2017ExpressBank gets 17% decline in loan portfolio
18.07.2017Money transfers from Azerbaijan to Georgia increase 38%
18.07.2017AtaBank’s profit nears AZN 1.7M
18.07.2017Muganbank ends H1 on loss
18.07.2017Ziraat Bank Azerbaijan ends H1 on profit
17.07.2017Number of officially unemployed population announced
17.07.2017Personal incomes rise 7% in Azerbaijan
17.07.2017Average monthly salary increases 6% in Azerbaijan
17.07.2017GDP makes up AZN 31.3B in Azerbaijan
17.07.2017TuranBank ends H1 on loss
17.07.2017Nikoil Bank ends H1 on profit
17.07.2017AFB Bank gets 60% growth in deposit portfolio
17.07.2017AZN 7B invested in Azerbaijan’s fixed capital this year
17.07.2017SOFAZ’s assets nears $35B
15.07.2017New prices for 10,385 medicines approved in Azerbaijan
14.07.2017State budget executed with deficit of AZN 471M in first half of 2017
14.07.2017Azerbaijani president approves revised state budget
14.07.2017Troubled loans make up 50% of AGBank’s loan portfolio
14.07.2017Bank Eurasia ends H1 on profit
14.07.2017AGBank’s undistributed profit exceeds AZN 62M
13.07.2017Fitch assigns Asian Infrastructure Investment Bank 'AAA'
13.07.2017Azerbaijan makes 7% of total investments in Turkey
13.07.2017Retail trade turnover increases in Azerbaijan in H1
13.07.2017EU remains as main foreign trade partner of Azerbaijan
12.03.2014Kapital Bank announces discounts on cash loans- 12.03.2014“Fitch Ratings agency upgrades DemirBank’s “B” rating with “positive” outlook
- 12.03.2014Azerbaijan sees 23% in bank deposits
- 12.03.2014Azerbaijan to form strategic gas reserves this year
12.03.2014Azerbaijan Investment Summit kicks off in Baku - PHOTO- 12.03.2014Azerbaijan-based banks ranking for investments in securities growth rate
Azerbaijani family of five burned alive in fire accident in Russia
Fire in building in Baku extinguished - UPDATED
Barda resident kills his wife with sledgehammer, commits suicide
Defense Ministry: Armenia wants to justify its provocations against Azerbaijani civilians
Applicants evacuated from university building due to fire to retake exam on July 27
