$40bn paid into Oil Fund

Mon 11 October 2010 11:22 GMT | 16:22 Local Time

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Some $40bn have been transferred to the State Oil Fund since it was created at the end of 1999, its executive director, Shahmar Movsumov, said today.

He was addressing a joint meeting of four committees of the Azerbaijani parliament, the Milli Majlis, to discuss the 2011 draft state budget.

"Of this sum, the oil fund has spent $20bn, which means that we have managed to preserve slightly more than half of the reserves we have received," Movsumov said.

He said that the funds had gone in major subsidies to the state budget in recent years and had also been used to finance various major projects.

"They were allocated to the Baku-Tbilisi-Ceyhan [oil pipeline] and Baku-Tbilisi-Kars [railway] projects and the improvement of the living conditions of refugees and IDPs," Movsumov said. 

The four committees holding the joint meeting were the economic policy committee, social policy committee, agriculture committee and the committee for natural resources, energy and ecology.

1 news.az

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