SOFAZ to get about $ 200 bn in coming years

Sat 20 September 2014 07:00 GMT | 12:00 Local Time

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Now the Fund holds more than $37 bn.

According to forecasts, the State Oil Fund of Azerbaijan (SOFAZ) in the coming years will get about $ 200 bn.

Oxu.Az reports with reference to APA that according to the head of SOFAZ Shakhmar Movsumov, to date the fund has got more than $ 105 bn, now it holds more than $37 bn.

Currently SOFAZ continues to finance projects for the construction of the Baku-Tbilisi-Kars railway, rehabilitation of the Samur-Absheron irrigation system, the state program of education of Azerbaijani students studying abroad and other projects.

Speaking on the financing of the Southern Gas Corridor project, S.Movsumov noted that SOFAZ will directly participate in the process.

"Funding will be realized both by providing partial state share in the project and by increasing the authorized capital of the State Oil Company of Azerbaijan. I am confident that with the successful implementation of the project, SOFAZ will fully return funds for this purpose.”

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