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31.07.2015 10:18

Charter Capital Of Southern Gas Corridor CJSC increased up to $725 Million

CJSC Southern Gas Corridor (CQD), engaged in organization of direct pipeline supplies of Azerbaijani gas to the EU, continues to increase its capitalization.

According to the Azerbaijan State Oil Fund (SOFAZ), by decision of the general meeting and Supervisory Board, the charter capital of CQD must be increased up to $725 million by July 1, 2015.

To pay its share in the CQDs capital (51%) the Oil Fund transferred $318.75 million to the treasury account of the Azerbaijans Ministry of Economy and Industry, SOFAZ says.

As a result, today SOFAZs participation in the CQDs capital reaches $369.75 million.

In addition, last year the Fund transferred $2.517 bn to CQD as long-term investments.

The other cofounder of the CQD CJSC is the State Oil Company of Azerbaijan Republic.

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