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$650 million was expended from SOFAR

Oil&Gas Materials 24 October 2005 20:30

According to the forecast, by 2024 from the sale of the oil from the Azeri-Chirag вЂ"Gyuneshli oil field project the State Oil Fund of Azerbaijan (SOFAR) will receive $73 billion by the oil price per barrel at $30, and $1143 billion by the oil price of $40, the SOFAR executive director Samir Sharifov said in Washington, SOFAR told Trend.

According to him, SOFAR spent by the moment some $650 million, from which $109 million for the life improvement of refugees and Internally Displaced Persons (IDPs), $194 million for funding of the Azerbaijan’s share in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, $330 million have been transferred to the state budget, $14 million as taxes and administrative costs ($3 million).

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