Coalition on transparency offers to improve mechanism on monitoring of SOFAR’s expenses

Oil&Gas Materials 28 December 2005 14:30 (UTC +04:00)

An improved mechanism should be worked out for holding a monitoring over the funds of the State Oil Fund of Azerbaijan (SOFAR), Trend reports quoting Gubad Ibadoglu the chairman of the Center of Economic Researches, as stating to a gathering of the Coalition of NGOs on increase of extractive industry transparency.

According to Ibadoglu, the Coalition held a public monitoring of funds and came to a conclusion to improve it in connection with revenues that the SOFAR expects to have.

In 2006 the SOFAR expects to obtain revenues in the amount of $807m, in 2007вЂ" $532m, in 2008 вЂ" $862m and 2009 вЂ" $1242m. Respectively, over the subsequent four years the Oil Fund will accumulate some $5bn.

According to Ibadoglu, this is huge capital which requires a control over their expedient use.