In 2014 the State Oil Fund of Azerbaijan (SOFAZ) will continue funding the projects in the oil industry.
According to the draft of state and consolidated budgets for fiscal year 2014, next years it is planned to fund share of the State Oil Company of Azerbaijan (SOCAR) in the following projects at the expense of the Fund:
- construction of the oil and gas and petrochemical complex in Baku’s Garadag region;
- construction of Star oil refinery in Izmir, Turkey;
- construction of the trans-Anadolu gas pipeline (TANAP);
- construction of semi-submersible drilling rigs;
In addition, it is planned to continue funding the projects to improve living conditions of refugees and internally displaced people, reconstruction of the Samur-Absheron canal and Baku-Tbilisi-Kars railway at the expense of the Fund.
SOFAZ has already funded some oil projects this year and it has been funding other projects for several years.
It is planned to allocate 1,921,100,000 AZN for these projets.—0—
Economics
-
The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
-
Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
-
The Cabinet of Ministers of the Republic of Azerbaijan has approved the application form specified in Article 30.1 of the Competition Code. This decision aims to align with the President’s decree No. 1051-VIQ dated December 2, 2023, and address regulatory requirements related to the implementation of the Competition Code.
-
Azerbaijani President Ilham Aliyev has issued a decree amending the Land Code of the Republic of Azerbaijan, effective January 2025. The legislative adjustments aim to refine the management and use of agricultural land and enhance regulatory processes.
Leave a review