The State Oil Fund of Azerbaijan (SOFAZ) announces year-by-year increases of the finances of the Fund. Over the past 7 years, the assets of the Funds have increased from $271 mln at the end of 1999 to $1.5 bln in 2006, Trend reports with reference to the statement of the Fund.
$223 mln have been directed from the Fund since 2001 towards resolving social problems of refugees and internally displaced people of Azerbaijan. Since 2002, $298 mln have been allocated to finance the participation share of Azerbaijan in the construction of the Baku-Tbilisi-Ceyhan pipeline named after Heydar Aliyev. In addition, $965 mln have been directed to the state budget as transfers.
Beginning from 2006, SOFAZ has been involved in financing two more large-scale projects вЂ" construction of a water pipe from Oguz-Gabala zone to Baku and the reconstruction of the Samur-Apsheron irrigation system. Upon the completion of these projects, the water supply system of Baku will be improved and the irrigation system of the country will be reconstructed.
According to the decree of the Azerbaijan President dated March 30, 2006, Azerbaijan Investment Company has been established to use the revenues obtained from the oil sector for the development of the non-oil sector. SOFAZ has allocated AZN 90 mln to form its authorized capital.