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.
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