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SOFAZ spends half of its revenue obtained from 1999

Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has already spent half of incomings,  received by it from the moment when the fund was set up  in December, 1999.

On October 11, SOFAZ executive director Shahmar Movsumov said  in the parliament, for all period of activity the  fund has been obtained approximately  $40 billion of incomes.

“From them about $20 billion was spent. The basis of expenses was made by transfers to the state budget, but we also financed  major infrastructural and social projects,” S. Movsumov said.

The fund participated in financing of construction  of oil pipeline  Baku-Tbilisi-Ceyhan (BTC), finances building of  Baku-Tbilisi-Kars railway.

 

 


11.10.2010 17:40


   
Tags: SOFAZ


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