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SOFAZ announces reasons for incomplete funding of SGC
07 March 2017
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State Oil Fund of Azerbaijan transferred AZN 797.4 million or $495.2 million to the Ministry of Economy for financing of the Azerbaijani-part of the Southern Gas Corridor in 2016, which makes up 33.9% of amount considered in the budget (AZN 2,355,300,000), says the report about activity of the Cabinet of Ministers in 2016.
Incomplete allocation of the funds is caused by attraction of $991.1 million from placement of Eurobonds at discount value, postponement of payment of the second tranche of price for acquiring 10% in Shahdeniz till 2017 and postponement of several costs on TAP and TANAP till next years.
