Baku, Azerbaijan Oct. 13
By Anvar Mammadov - Trend:
Azerbaijan plans to direct in 2016 a part of capital expenditures from the state budget at increasing the authorized capital of the state oil company SOCAR, said the country's finance minister, Samir Sharifov.
He made the remarks Oct. 13 at a plenary meeting of Azerbaijan's parliament during a discussion of a draft state budget for 2016 and subsequent three years.
"The capital expenditures of the state budget are projected for 2016 at 4.826 billion manats, of which 3.555 billion manats will be directed to implementation of investment projects," he said.
"A certain part of these funds will be directed at increasing the authorized capital of SOCAR to finance its share in the Southern Gas Corridor project," said the minister.
Sharifov said a part of funds would also be directed to finance various investment projects implemented with help of foreign loans, increasing Azerbaijan's share in those projects, and financing other necessary projects and activities.
The Southern Gas Corridor envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.
At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's 'Shah Deniz' field, is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.
As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.
The official rate as of Oct. 13 is 1.0475 AZN/USD.
Edited by SI
