State Oil Fund's total revenue hits $60bn

Tue 27 September 2011 07:11 GMT | 12:11 Local Time

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State Oil Fund

The State Oil Fund of Azerbaijan, SOFAZ, has received $60bn from the oil and gas industry since its creation in 2000, the fund's CEO has said.

Shahmar Movsumov gave the figure at a round table discussion at the Ministry of Industry and Energy on Tuesday to mark the 20th anniversary of the independence of Azerbaijan. The round table was entitled "The industrial and energy complex on the way to new achievements”, 1news.az reported.

Movsumov said the funds played a great role in social programs.

"Part of the funds transferred to SOFAZ have been spent on the resolution of the problems of refugees and displaced persons, particularly, on eliminating the tent camps. In addition, thanks to the funds from the implementation of oil and gas contracts, the country has been able to finance such strategically important projects as the international Baku-Tbilisi-Kars transport highway and the Oguz-Gabala-Baku water pipeline."

The CEO said that SOFAZ now has assets of $32bn.

This is an increase of more than $1.5bn on the fund's assets of $30.358bn reported on 1 July this year.

Then President Heydar Aliyev signed a decree to create the State Oil Fund on 29 December 1999.

News.Az

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