Sofaz to invest $2b in company to oversee Shah Deniz-2 development

14:20 | 12.03.2014
Sofaz to invest $2b in company to oversee Shah Deniz-2 development

Sofaz to invest $2b in company to oversee Shah Deniz-2 development

The State Oil Fund of Azerbaijan (SOFAZ) will invest $2-$2.5bn in a company created to manage Shah Deniz-2, Trans-Anatolian Gas Pipeline (TANAP) and Trans-Adriatic Gas Pipeline (TAP) projects over five years.

This was announced by SOFAZ Executive Director Shahmar Movsumov in his interview with journalists on the sidelines of Azerbaijan Investment Summit which has opened in Baku.The funds will be spent to finance the activities of the company, he said.“A total of $51m will be spent to this purpose this year. Therefore, the budget of SOFAZ for the year 2014 will be revised,” Movsumov added.  The funds that will be spent to finance activities of the managing company should not be treated as an expense, he noted.“These investments will recompense only after South Caucasus Corridor brings profits. We expect the funds will return to SOFAZ by 2023-2024,” SOFAZ Director said.(news.az)ANN.Az

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