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Amendments planned in 2014 budget of Azerbaijan State Oil Fund

[ 12 March 2014 13:31 ]

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.