49.79 billion AZN from Azerbaijan oil fund already spent

 Beginning from 2004 total costs of the State Oil Fund of Azerbaijan (SOFAZ) reached 49.79 billion AZN (about $63 billion).

From 2003 till January 1, 2014 volume of transfers from SOFAZ to the state budget of Azerbaijan totaled 46,435,000,000 AZN, reads the statement posted on the official web site of SOFAZ.

According to SOFAZ, by January 1, 2014 SOFAZ spent 367.1 million AZN to fund construction of the Baku-Tbilisi-Kars railway and 1,069,400,000 AZN for reconstruction of the Samur-Absheron canal.

According to SOFAZ, 1,457,800,000 AZN from the SOFAZ budget was spent for improvement of living conditions of refugees and internally displaced people, 87.8 million AZN to fund the state program of education of Azerbaijani young people abroad from 2007 to 2015 and 372.6 million AZN for construction of STAR oil refinery in Turkey.

In 2003 SOFAZ started transfers to the state budget of Azerbaijan.

SOFAZ has been established by the presidential decree on December 29, 1999 and it is an off-budget state institution, which is accountable to president. The Fund accumulates incomes from implementation of oil contracts, in particular, from sale of profitable oil and gas of the government, transit fees for oil and gas transportation on the territory of the country, rent of state property and etc.—0—