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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment

SOFAZ to fund new projects soon

Posted on 03 September 2013

Azerbaijan’s state oil fund SOFAZ has already invested about 70 million manats in the construction of a new generation floating drilling rig in Azerbaijan, SOFAZ head Shahmar Movsumov said. Some 388.575 million manats are envisaged to be allocated from SOFAZ under the project.
The construction of the new generation drilling rig to be built for SOCAR’s needs is due to start by late 2013. The cost of the new floating drilling rig together with the taxes will amount to more than $1 billion………………………………………..Full Article: Source


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