The Azerbaijan State News Agency

ECONOMY

Azerbaijan`s Oil Fund to finance TANAP

07.11.2012 [13:23]
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Baku, November 7 (AZERTAC). Azerbaijan`s State Oil Fund (SOFAZ) has said it will finance the building of Trans-Anatolian Gas Pipeline (TANAP).

Speaking at a joint meeting of parliamentary commissions, SOFAZ Executive Director Shahmar Movsumov said the Fund would allocate the money from its 2013 budget for the construction of TANAP and a new petrochemical complex in Garadagh district in Baku.

Movsumov also said the Fund would invest 300 million manats in improving social conditions of refugees and IDPs, and 27 million manats in the construction of the Samur-Absheron channel.

According to him, 138 million manats will be allocated for the construction of the Georgian section of the Baku-Tbilisi-Kars railway line, while 34 million manats will be spent on the education of Azerbaijani youth abroad next year.

SOFAZ is going to spend 2.149 billion manats on investment projects in 2013.