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Azerbaijan's State Oil Fund disburses over $15bn

Wed 27 January 2010 17:34 GMT | 22:34 Local Time

Azerbaijan's State Oil Fund (SOFAZ) has published figures for its expenditure in its 10 years of existence.

SOFAZ Executive Director Shahmar Movsumov said that in the past 10 years the fund spent AZN 12.3bn or $15.319bn, at the rate of 0.8029 manats to the dollar.

SOFAZ transferred AZN 10.265bn to the state budget. It allocated AZN 612.9m to improve the situation of refugees and IDPs and AZN 547.4m and AZN 364.5m to the Samur-Absheron water system and Oguz-Gabala-Baku water pipelines respectively.

The fund allocated AZN 48.1m to financing the Baku-Tbilisi-Kars railway project and AZN 10.2m to the Programme for Azerbaijani Youth Education Abroad. Ninety million manats were allocated to the charter capital of the Azerbaijan Investment Company and AZN 87.6m to the State Oil Company's equity stake in the Azeri-Chirag-Gunashli project, Movsumov said.


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