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
- 26.09.2016Dramatic devaluation of manat unlikely – CBA head
- 26.09.2016Azerbaijan Int’l Bank to shrink – finance minister
- 26.09.2016Azerbaijan seeks fair rate of manat – finance minister
- 23.09.2016Azerbaijan-based banks ranking for expenditures growth rate
- 23.09.2016ECB warns crowded banking sector is squashing profits
- 23.09.2016ADIF pays over AZN 258M in compensation to nine closed banks’ customers
- 22.09.2016Azerbaijani gov’t discusses 2017 state budget
- 22.09.2016Azerbaijan-based banks ranking for revenues growth rate
- 21.09.2016Azerbaijan-based banks ranking for total capital growth rate
- 21.09.2016Sovereign and Pension Funds gather in Baku
- 20.09.2016Azerbaijan-based banks ranking for personal savings growth rate
- 20.09.2016Azerbaijan-based banks ranking for deposit portfolio growth rate
- 20.09.2016Azerbaijani company’s Montenegro-based bank renamed
- 19.09.2016Money transfer from Georgia to Azerbaijan and vice verse increased
- 19.09.2016Azerbaijan-based banks ranking for loan portfolio growth rate
- 19.09.2016Azerbaijan-based banks ranking for assets growth rate
- 19.09.2016Azerbaijan-based insurers ranking for premiums
- 19.09.2016Azerbaijan-based insurers ranking for payments
- 16.09.2016Azerbaijan foreign trade operations exceed $11B
- 16.09.2016Azerbaijan sees nearly 40% rise in budget transfers from SCC
- 16.09.2016Azerbaijan reduces car import over 6 times
- 16.09.2016FMSA urged Zolotaya Korona to stop money transfers to Armenia
- 16.09.2016Upper limit of interest rate on insured deposits raised to 15%
- 16.09.2016ADIF pays AZN 252M in compensation to nine closed banks’ customers
- 16.09.2016President's Aide: SOCAR’s bonds may be put up for sale
- 16.09.2016"Fitch Ratings" confirms DemirBank’s long-term foreign currency IDR at ‘B’
- 16.09.2016Azerbaijan sees 119M decline in budget deficit
- 16.09.2016Nearly AZN 9B invested in fixed capital in eight months of 2016
- 16.09.2016Azerbaijan sees 3% economic decline
- 16.09.2016IMF: Azerbaijan should focus on reorganizing banking sector
- 15.09.2016Financial Markets Supervisory Authority comments on reports about revoking lisences of several banks
- 15.09.2016Azerbaijani population spend AZN 9.3B to food products
- 15.09.2016Azerbaijan-based banks ranking for demand deposits
- 15.09.2016Azerbaijan-based banks ranking for term deposits
- 15.09.2016Volume of Azerbaijan’s foreign trade operations in January-July announced
- 15.09.2016Number and wages of hired workers in Azerbaijan’s economy announced
- 15.09.2016Inflation in January-August makes 10.8% in Azerbaijan
- 15.09.2016"Fitch" welcomes Azerbaijani government preserving assets in foreign currency
- 15.09.2016IMF urges regulators to help problematic banks in Azerbaijan
- 15.09.2016IMF: Azerbaijani government takes a number of actions against external shocks
- 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