Azerbaijan, Baku, Nov. 28 / Trend E. Ismayilov /
As of October 1, 2012, the Azerbaijani State Oil Fund (SOFAZ) allocated 810.6 million manat within the Samur-Absheron irrigation system reconstruction project, SOFAZ said on Monday.
"In particular, around 354.5 million manat were allocated for construction of the Takhtakorpu reservoir with a hydropower station, SOFAZ said. "Around 307.3 and 117.4 million manat were allocated to construct Takhtakorpu-Jeyranbatan Velvelechay-Takhtakorpu canals."
The rest money was allocated for the maintenance of the project group - 2.4 million manat, the transfer of oil and gas pipelines - 20 million manat, preparation of tender documents for the project budget and construction - 1.8 million manat, the construction of the settlement of 70 houses for refugees - 1.5 million manats, land acquisition and payment of damages - 5.2 million manat, construction of access roads - 0.5 million manat.
SOFAZ was established in 1999 when its assets amounted to $271 million.
The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.
SOFAZ assets, as of Oct. 1, 2012, increased by 11.4 percent up to $33.192.4 billion compared to early 2012 ($29.8 billion).
It is predicted that by late 2012, SOFAZ assets reach the level of $34 billion.
The official exchange rate is 0,7849 AZN/USD on Nov. 28.
