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SOFAZ TRANSFERS 370BN AZM TO PUBLIC BUDGET

Business Materials 16 August 2005 17:13 (UTC +04:00)

The State Oil Fund of Azerbaijan (SOFAZ) transferred 370bn AZM to public budget in 2005, Samir Sharifov, the Executive Director of the SOFAZ, told journalists.

Thus, the SOFAZ remitted 49.33% of the entire transfer worth 750bn manats.

The SOFAZ remitted 115bn manats to the social welfare of refugees and internally displaced people, which comprises 56,931% of entire funds of 202bn manats assigned for this purpose.

70bn manats were directed at financing the share of Azerbaijan in the Baku-Tbilisi-Ceyhan oil pipeline project, whereas in 2005 it is planned to assign 205bn manats.

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