$60bn transferred to Azeri oil fund so far
Over $60 billion has been transferred to date to Azerbaijan’s state oil fund Sofar that holds proceeds from crude exports, according to its Executive Director Shahmar Movsumov.
Addressing a roundtable on prospects for developing the country’s industries and energy sector on Tuesday, Movsumov recalled that Sofar was established in 1999 with only $270 million, but the figure has now hit $32 billion. The other half of Sofar’s funds was spent on the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Gars projects, improving the living standards of the citizens displaced during the armed conflict with Armenia in the early 1990s and youths’ studies abroad.
Sofar’s revenues are forecast at over 12.796 billion manats ($16.405 billion) this year.
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