The Azerbaijan State News Agency

ECONOMY

AZM 9 BILLION TO BE ALLOCATED FOR BTS CONSTRUCTION

State Oil Fund of Azerbaijan is expected to allocate 9 billion manat to finance Azerbaijan’s share in construction of the Baku-Tbilisi-Ceyhan oil export pipeline. According to the Fund’s Executive Director Samir Sharifov, 95% of the funds would be spent for repayment of credits the State Oil Company had received from foreign investors of BTC Co, the pipeline construction operator. The rest of the means will be spent for administrative expenditures of AzBTC Ltd, which provides Azerbaijan’s interests within BTC Co.

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