SOFAZ prepares to finance large energy project in Turkey
Baku, December 6 (AZERTAC). The State Oil Fund of Azerbaijan (SOFAZ) is preparing to start financing of a share of the state`s participation in the Trans-Anatolian gas pipeline project (TANAP), which intends to enable the transportation of Azerbaijani gas through Turkey to Europe, said Executive Director of the Fund Shahmar Movsumov.
"The Oil Fund has financed a share of state`s participation in the Baku-Tbilisi-Ceyhan pipeline project, and this year began to invest in the construction of STAR oil refinery in Turkey. In the future we will continue to invest in major infrastructure projects in Turkey," Movsumov said.
SOFAR has directed 800 million manat to the implementation of TANAP construction project.
The State Oil Fund has already allocated $475 million in the project of construction as part of Azerbaijan`s funding for construction of a new refinery of the State Oil Company of Azerbaijan in Turkey.
In total, the fund will allocate $760 million in the implementation of the project.
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