State Oil Fund of Azerbaijan
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| Founded | December 29, 1999 |
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| Headquarters | Baku, Azerbaijan |
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Key people
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Shahmar Movsumov (Executive Director) |
| Website | www.oilfund.az |
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a special purpose state organization in which Azerbaijan's revenues from implementation of oil and gas agreements are accumulated, managed and preserved for future generations.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Decree № 240 of the President of the Republic of Azerbaijan dated 29 December 1999 "On Establishment of the State Oil Fund of the Republic of Azerbaijan". Statute of SOFAZ was approved by the Decree of the President of the Republic of Azerbaijan № 434 dated December 29, 2000. SOFAZ began operating after approval of the Decree on "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" by the President of the Republic of Azerbaijan dated June 19, 2001. Establishment of the Oil Fund is a main part of the oil strategy of Azerbaijani National Leader Heydar Aliyev.
The cornerstone of the philosophy behind the Oil Fund is to ensure intergenerational equality with regard to the country's oil wealth.
SOFAZ is a special purpose state organization in which Azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for present and future generations. It was founded in order to efficiently manage the Azeri oil and gas income, as well as to invest them in development of social-economically important projects. The main objectives of the Oil Fund are the following:
SOFAZ's activities are overseen by a supervisory board of six members. The board reviews the Fund’s reports on the draft annual budget prepared by the SOFAZ’s Executive Director, annual reports and financial statements along with independent auditor's opinion and provides its comments. Members of the supervisory board are appointed by the President of Azerbaijan and shall represent both state bodies and civil society.
SOFAZ is headed by the Executive Director, who is appointed and dismissed by the President of the Republic of Azerbaijan. The Fund's Executive Director represents the Fund, carries out operational management of the Fund's activities, appoints and dismisses employees of the Fund in a manner as determined by the legislation, ensures the management and investment of the Fund’s assets in accordance with the guidelines approved by the Republic of Azerbaijan. Deputy Executive Director is appointed and dismissed from his position by the president and accomplishes tasks assigned by the Executive Director and bears personal responsibility.
Execution of SOFAZ’s budget is implemented on the basis of comments provided by the supervisory board in accordance with the SOFAZ budget approved by the proper Ordinances of the President of the Republic of Azerbaijan. SOFAZ assets are managed in accordance with Investment Guidelines approved by the Presidential Decree on "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" No.511 dated June 19, 2001.
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