AzerNews: SOFAZ to start financing Azerbaijan's share in TANAP project

Azerbaijan's state oil fund SOFAZ will soon start financing Azerbaijan's share in the Trans-Anatolian Pipeline (TANAP) project.

The news was announced by Executive Director of the fund Shahmar Movsumov at the third Caspian Forum in Istanbul on December 5.

"The Oil Fund has financed a part of the state's share in the Baku-Tbilisi-Ceyhan pipeline project, and also began to invest in the construction of Star oil refinery in Turkey this year. We will continue to invest in major infrastructure projects in Turkey in the future," Movsumov said.

SOFAZ has directed 800 million manats (about $1.02 billion) to the implementation of the TANAP construction project.

The TANAP project, jointly developed by Azerbaijan's SOCAR, Turkish state pipeline company Botas, and energy company TPAO, will deliver Shah Deniz gas to the Turkish-Greek border from eastern Turkey. MORE