SOFAZ EXECUTIVE DIRECTOR MEETS WITH CASPIAN INTEGRATION BUSINESS CLUB MEMBERS

10.10.2006 [21:40]
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On October 10, Shahmar Movsumov, executive director of the State Oil Fund of Azerbaijan Republic (SOFAZ) met with the delegation of the Caspian Integration Business Club at the “Europe” hotel.

Opening the meeting President of the Club Telman Aliyev gave information about the Club.

S. Movsumov said the SOFAZ’s main aim is to effectively use oil revenues, properly manage oil revenues and save the revenues for future generations.

S. Movsumov said oil contracts would bring in an estimated $200 bln within the next 20 years. According to him, SOFAZ has so far received $3 bln, of which 1.4 bln went to infrastructure and reconstruction projects with $170 million spent on improving the living conditions of internally displaced persons and $300 million on funding Azerbaijan’s share in the Baku-Tbilisi-Ceyhan oil pipeline project. $40 million were transferred to the Azerbaijan Investment Company.

Saying SOFAZ takes an active part in the British Prime Minister Tony Blair-initiated Extractive Industries Transparency Initiative, M. Movsumov stressed that Azerbaijan is the first country to disclose EITI report.

S. Movsumov said SOFAZ has put the funds in the world’s best banks.

SOFAZ EXECUTIVE DIRECTOR MEETS WITH CASPIAN INTEGRATION BUSINESS CLUB MEMBERS

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