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SOFAZ assets make up $1.25bn

Oil&Gas Materials 17 October 2005 17:21 (UTC +04:00)

“As of 1 October the assets of the State Oil Fund of Azerbaijan (SOFAZ) made up $1.25bn manats,” Samir Sharifov, the Executive Director of the SOFAZ, told Trend.

According to the Executive Director, by the end of the year the sum will be cut several times in connection with the execution of the SOFAZ expenses. "They include the transfers to the public budget, financing the actions on settlement and social conditions of the refugees and IDPs, financing of Azerbaijan’s stake in the Baku-Tbilisi-Ceyhan main export oil pipeline,” he noted.

Sharifov noted that taking into consideration the facts, the SOFAZ will complete 2005 with no less than $1.2bn.

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