By the decisions of the Observation Council and the session of the shareholders, the authorized capital of Southern Gas Corridor (JSC) was increased up to $725 million, reads the statement published on the web site of the State Oil Fund of Azerbaijan (SOFAZ).
The initial capital of the Southern Gas Corridor totaled $100 million, but in February 2015 its capital was increased up to $300 million.
“During six months, 2015 SOFAZ transferred $318.75 million to the treasury account of the Ministry of Economy and Industry. As a result of that share of the Fund in the Southern Gas Corridor capital has reached $369.75 million (51%),” reads the statement.
During 2014 the Oil Fund has allocated $2.5 billion to the Southern Gas Corridor to fund Azerbaijan’s share in the Shah Deniz-2 and the Southern Gas Corridor.
* In February 2014 President Ilham Aliyev signed the decree to create the closed-type joint stock company (JSC) for the efficient management of the Shah Deniz-2 project, expansion of the Southern Caucasian gas pipeline and construction of the TANAP and TAP gas pipelines.-0--
Economics
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