SOCAR’s authorized capital planned to be increased at the expense of state budget, says Finance Minister Samir Sharifov

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socar_new-logoNext year we plan to increase authorized capital of the State Oil Company of Azerbaijan (SOCAR), Azerbaijani Finance Minister Samir Sharifov said in his interview to ANS TV company.

          Minister said that the draft of state budget for fiscal year 2015 envisages the corresponding item of expense.

          Minister did not specify that increase in SOCAR’s authorized capital is connected with the strategic projects of the country, in which SOCAR is involved.

          Sharifov, however, refused to name the amount the government plans to allocate to SOCAR from the state budget.

          Once SOCAR has received 500 million AZN from the state budget to increase its authorized fund. In September 2009 SOCAR received a credit worth 750 million AZN from the   Central Bank with the rate of 3% per annum (with 2 years of grace period and then it will repay 150 million AZN a year of the main debt plus interest).

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