State Oil Fund to repay $102 million to SOCAR

State Oil Fund to repay $102 million to SOCAR
# 07 June 2007 12:29 (UTC +04:00)
The State Oil Fund of Azerbaijan (SOFAZ) repays State Oil Company (SOCAR) the funds earned from profit oil sales.
Shahmar Movsumov, the Executive Director of SOFAZ, said the incomes came from profit oil sales during 1999-2002 were accumulated in the SOFAZ while the funds have been repaid since 2003.
He added that the SOFAZ will pay $102.2 million to the State Oil Company for 2007.
As of June 1, a total of 1.8 billion was accumulated in the SOFAZ. /APA-Economics/
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