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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

Azerbaijan creates company on Shah Deniz projects’ management and gas delivery to Europe

Posted on 26 February 2014

Azerbaijani President Ilham Aliyev has signed a decree on Feb. 25 establishing a closed joint-stock company (CJSC) for effective management of projects within the second phase of Shah Deniz gas and condensate field’s development, expansion of the South Caucasus Pipeline, Trans-Anatolian Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. The funds to be provided to the CJSC for financing the equity will provide a long-term investment on return conditions. CJSC’s proceeds received from all projects will be transferred to SOFAZ, until all of funds invested in the joint stock company are repaid………………………………………..Full Article: Source


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