BAKU, Azerbaijan, April 25. Azerbaijan’s state oil fund SOFAZ has transferred 126.247 billion manats to the state budget as of April 1, 2022, Trend reports with reference to the Fund.
The transfers to the Central Bank of Azerbaijan stood at 3.949 billion manats.
Moreover, SOFAZ has allocated funds to the following projects:
|
Project |
Funds allocated (manats) |
|
BTC Main Export Pipeline(Financing of the project was completed by SOFAZ in 2006) |
297,900,000 |
|
Improvement of social condition of refugees and IDPs(SOFAZ finances the project) |
2,702,700,000 |
|
Oguz-Qabala-Baku water supply system(Financing of the project was completed by SOFAZ in 2011) |
779,600,000 |
|
Reconstruction of the Samur-Absheron irrigation system (Financing of the project was completed by SOFAZ) |
1,469,600,000 |
|
Formation of the statutory capital of the State Investment Company (Financing of the project was completed by SOFAZ in 2006) |
90,000,000 |
|
Baku-Tbilisi-Kars railway (Financing of the project was completed by SOFAZ) |
748,600,000 |
|
State Program on education of Azerbaijani youth abroad (Financing of the project was completed by SOFAZ) |
212,700,000 |
|
Construction of “STAR” Oil Refinery Complex (Financing of the project was completed by SOFAZ) |
1,663,300,000 |
|
Repayment of SOCAR's share in the project on joint exploration and development of ACG oilfields(Financing of the project was completed by SOFAZ in 2007) |
87,600,000 |
|
Southern Gas Corridor(Financing of the project was completed by SOFAZ) |
1,530,300,000 |
|
State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023 |
16,500,000 |
SOFAZ was established in 1999 and at that time its assets amounted to $271 million.
According to SOFAZ regulation, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, and also for solving important national problems.
The main goals of SOFAZ are: the accumulation of funds and the placement of its assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in Azerbaijan.