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SOFAZ 2014 expenditures reduced up to AZN 760 mln

11 April 2014 09:12 (UTC +04:00)

APA-Economics reports that the amendment is related to task to the State Oil Company of Azerbaijan on establishment of closed joint-stock company (OJSC), of which authorized capital makes AZN 100 mln and 51%-equity belongs to state, 49% - to SOCAR, under the President’s order on “several measures regarding other projects on Shah Deniz-2 and establishment of Southern Gas Corridor” dated to February 25, 2014, and task to the State Oil Fund of Azerbaijan on providing the financing of OJSC’s shares belonging to the state.

According to amendment, the expenditures of the SOFAZ have been reduced to AZN 10,590,034,800 from AZN 11,349,934,800. Instead of AZN 800-expenditure for financing of Azerbaijan’s share in TANAP, AZN 40,100,000 will be allocated for financing of the state-owned shares of OJSC that established for Shah Deniz-2, expansion of Southern Caucasus Pipeline, management of TANAP and TAP.