Changes will be made to SOFAZ budget, Executive Director

Baku, March 12 (AzerTAc). Some changes will be made to the budget of the State Oil Fund of the Azerbaijan Republic (SOFAZ), its Executive Director Shahmar Movsumov has told journalists. “A total of $51m will be spent to build the starting capital of a newly set up company that will manage gas projects.” “The funding of the projects under the South Gas Corridor will start this year, and continue until 2018-2019. The revenues from these projects will be invested in the new company, which will then return the funds to the State Oil Fund.” Movsumov said the projects would require nearly 2.5 billion US dollars, adding he believes the funds will be returned to SOFAZ until 2023-2024.