Azərbaycan Respublikasının Dövlət Neft Fondu | |
Abbreviation | SOFAZ |
---|---|
Established | December 29, 1999 |
Founded at | Baku, Azerbaijan |
Type | SWF |
Executive Director | Israfil Mammadov |
Award(s) |
United Nations Public Service Awards EITI Award |
Website | www.oilfund.az |
The State Oil Fund of the Republic of Azerbaijan ( Azerbaijani: Azərbaycan Respublikasının Dövlət Neft Fondu), also known by its abbreviation SOFAZ, is a sovereign wealth fund of Azerbaijan founded in December 1999. [1]
Nearly all the fund's revenues come from Azerbaijan's oil and gas exports. [2] [3] The fund has been criticized for its lack of transparency and for enriching Azerbaijan's political elites. [4] [5]
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No. 240 dated December 29, 1999. [6] [7] Statue of the State Oil Fund was approved by the Decree of the President of the Republic of Azerbaijan No. 434 dated December 29, 2000. [8]
SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption. [4] Critics have described projects funded by SOFAZ as useless, [5] and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan. [4] Funds from SOFAZ are frequently transferred to make up for state deficits. [4]
The operational management of the Fund's activities is carried out by the Executive Director who is appointed and dismissed by the President. [9] As of 2018, the executive director reports to the President. [10] There have been three executive directors since 2001:
The President of Azerbaijan appoints the members of a Supervisory Board who are de facto powerless. [9] The board comprises 7 key officials including the Prime Minister, Deputy Speaker of the National Assembly, Assistants to the President of Azerbaijan – Head of Economic Affairs and Innovative Development Policy, and Head of Economic Policy and Industrial Affairs departments of the Presidential Administration, Minister of Finance, Minister of Economy, and the Chairman of the Central Bank of Azerbaijan. [16]
Azərbaycan Respublikasının Dövlət Neft Fondu | |
Abbreviation | SOFAZ |
---|---|
Established | December 29, 1999 |
Founded at | Baku, Azerbaijan |
Type | SWF |
Executive Director | Israfil Mammadov |
Award(s) |
United Nations Public Service Awards EITI Award |
Website | www.oilfund.az |
The State Oil Fund of the Republic of Azerbaijan ( Azerbaijani: Azərbaycan Respublikasının Dövlət Neft Fondu), also known by its abbreviation SOFAZ, is a sovereign wealth fund of Azerbaijan founded in December 1999. [1]
Nearly all the fund's revenues come from Azerbaijan's oil and gas exports. [2] [3] The fund has been criticized for its lack of transparency and for enriching Azerbaijan's political elites. [4] [5]
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No. 240 dated December 29, 1999. [6] [7] Statue of the State Oil Fund was approved by the Decree of the President of the Republic of Azerbaijan No. 434 dated December 29, 2000. [8]
SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption. [4] Critics have described projects funded by SOFAZ as useless, [5] and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan. [4] Funds from SOFAZ are frequently transferred to make up for state deficits. [4]
The operational management of the Fund's activities is carried out by the Executive Director who is appointed and dismissed by the President. [9] As of 2018, the executive director reports to the President. [10] There have been three executive directors since 2001:
The President of Azerbaijan appoints the members of a Supervisory Board who are de facto powerless. [9] The board comprises 7 key officials including the Prime Minister, Deputy Speaker of the National Assembly, Assistants to the President of Azerbaijan – Head of Economic Affairs and Innovative Development Policy, and Head of Economic Policy and Industrial Affairs departments of the Presidential Administration, Minister of Finance, Minister of Economy, and the Chairman of the Central Bank of Azerbaijan. [16]