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SOFAZ may get $100B in next 15-20 years

SOFAZ may get $100B in next 15-20 years

24 November 2016 09:24 (UTC +04:00)

State Oil Fund of Azerbaijan may get $100 billion from all oil and gas contracts in the next 15-20 years, SOFAZ Executive Director Shahmar Movsumov said at the baking forum.

According to him, SOFAZ has received $120 billion so far: “Oil has not finished in Azerbaijan. Saying post-oil period, we mean switching to a new economic model. The government began to reduce expenditures as a result of oil price decline starting 2013. Budget transfers from the SOFAZ fell to $4.7 billion from $14.5 billion in 2013. Next year, the transfers are forecasted at $3.5 billion”.

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