TODAY.AZ / Business

Azerbaijan spends $300mn on BTC

11 October 2006 [09:27] - TODAY.AZ
High oil prices have direct influence on the rise of the revenues of the State Oil Fund.

The Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), Shahmar Movsumov, said that oil price fluctuation can't influence the means of the Fund.

Both the State and the Fund set the oil price for the state budget of next year as $50 per barrel. It is planned to add $90mn to the capital of the SOFAZ-funded Azerbaijan Investment Company. $40mn has already been transferred.

He also said that SOFAZ financed the portion of Azerbaijan in BTC project and the Fund will receive dividends of the profits in future, APA reports.

"We have to date spent $300mn on the BTC," he underscored.


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