SOFAR Executive Director: Total Earnings to SOFAR Reached $3b.
Three billion dollars have been received by SOFAR (State Oil Fund of Azerbaijan) since the moment it was founded, Shakhmar Movsumov, SOFAR Executive Director told during the meeting of the Caspian Integration Business Club (CIBC), Trend reports.
According to him, $1.4 b. out of these funds have already been spent on financing infrastructure projects, improving life conditions of IDPs, financing Azerbaijan`s share in the construction of BTC (Baku-Tbilisi-Ceyhan) pipeline , and on other strategic ends.
At present, the Fund`s assets makes up $1.6 b.
According to Mr. Movsumov, till the end of 2006, $140 m. are expected to be spent on infrastructure projects. Funds aimed at forming the capital of AIC (Azerbaijan Investment Company) are sent at the expense of SOFAR. Forty million manats out of the total 90 millions envisaged for these aims have already been transferred. Azerbaijan`s revenues gaining from its profitable oil is expected at the level of $200 b. in the next 20 years, told the Head of SOFAR.