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
- 20.02.2017Demirbank ends 2016 on loss
- 20.02.2017Azerbaijan-based banks ranking for non-interest incomes
- 20.02.2017Azerbaijan-based banks ranking for interest expenditures
- 17.02.2017Over AZN 954M invested in fixed capital in January
- 17.02.2017State budget executed with surplus in January
- 17.02.2017Azerbaijan sees 1% growth in economy
- 17.02.2017Azerbaijan-based banks ranking for interest incomes
- 17.02.2017Turkey, Azerbaijan specifying details of trading in national currencies
- 17.02.2017Azerbaijan-based banks ranking for term deposits
- 17.02.2017Projects implemented by Azerbaijan, Turkey and Georgia to be completed timely - minister
- 17.02.2017Azerbaijan-based banks ranking for demand deposits
- 17.02.2017PASHA Bank’s Turkey-based subsidiary ends 2016 on profit
- 16.02.2017Azerbaijan gets 21% rise in revenues from crude oil export
- 16.02.2017Azerbaijan’s positive balance from foreign trade turnover makes up $355M
- 16.02.2017Azerbaijan sees 70% rise in SCC budget transfers
- 16.02.2017Azerbaijan reduces car import by 7%
- 16.02.2017Azerbaijan-based banks ranking for expenditures
- 16.02.2017Azerbaijan-based banks ranking for revenues
- 16.02.2017Azerbaijan-based banks ranking for loss
- 16.02.2017Parameters of AMF bonds announced
- 16.02.2017Situation in partner counties affects money transfers – central bank
- 16.02.2017Strategic currency reserves exceed country’s external debt by 4.1 times – central bank
- 15.02.2017Azerbaijan-based banks ranking for authorized capital
- 15.02.2017Azerbaijan-based banks ranking for total capital
- 15.02.2017Money transfers from Georgia to Azerbaijan decline in January
- 15.02.2017Central Bank of Azerbaijan to attract AZN 200M
- 15.02.2017Azerbaijan-based banks ranking for personal savings
- 14.02.2017Azerbaijan invests over $650M in Turkey in 2016
- 14.02.2017Average monthly salary increased 7% in 2016
- 14.02.2017SOFAZ releases revenue and expenditure statement for 2016
- 14.02.2017CB board three members’ terms of office end
- 14.02.2017Azerbaijan-based banks ranking for deposit portfolio
- 13.02.2017Azerbaijan-based banks ranking for loan portfolio
- 13.02.2017Azerbaijani population spend AZN 1.3B to food in January
- 13.02.2017Annual inflation fluctuates around 12%
- 13.02.2017Azerbaijan-based banks ranking for authorized capital
- 10.02.2017Manat savings increase in 2016
- 10.02.2017Azerbaijan sees over 2% decline in troubled loans year-on-year
- 10.02.2017Azerbaijan-based banks did not give mortgage loan through AMF in 2016
- 10.02.2017Azerbaijan-based banks see 12% decline in external borrowing
- 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