State Oil Fund's contribution to BTC amounted $300mln - CEO

Business Materials 7 June 2006 17:06 (UTC +04:00)

From 2002 to March 2006, State Oil Fund of Azerbaijan Republic (SOFAR) contributed $300mln as governmental participation in BTC pipeline, reportedly said Shahmar Movsumov, CEO, speaking in Baku at В"Sustainable development of oil&gas operations in Caspian SeaВ" conference.

During the said period, transfers in state budget amounted $570mln. В"These funds are used to finance governmental projects for investments and social aidВ", - he said.

Movsumov said reconstruction of drain system o Samur-Absheron and Oguz-Gabala channel alone took $140mln. В"The government also takes steps to improve living of refugees and forced migrants; for this purpose SOFAR issued $150mlnВ", - he added.