The State Oil Fund of the Republic of Azerbaijan or SOFAZ ( az, Azərbaycan Respublikası Dövlət Neft Fondu (ARDNF)) is a
sovereign wealth fund
A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such a ...
.
SOFAZ lacks transparency in its finances and in its contracting, which has raised questions about corruption. Critics have described projects funded by SOFAZ as useless, and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.
History and organization
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by
Heydar Aliyev
Heydar Alirza oghlu Aliyev ( az, Һејдәр Әлирза оғлу Әлијев, italic=no, Heydər Əlirza oğlu Əliyev, ; , ; 10 May 1923 – 12 December 2003) was a Soviet and Azerbaijani politician who served as the third president of Aze ...
's Decree No. 240 dated December 29, 1999. 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.
SOFAZ is headed by an Executive Director appointed and dismissed by the President. The general control over the activities of SOFAZ is carried out by the Supervisory Board. The main task of the Supervisory Board is to give a review on the draft annual budget prepared by SOFAZ Executive Director and reports on budget execution, annual reports and audit results of financial activities.
Executive Directors
*
Samir Sharifov — January 3, 2001 – April 18, 2006
*
Shahmar Movsumov — May 15, 2006 – November 29, 2019
* Israfil Mammadov — November 29, 2019
– present
References
Source
*
*
*
* {{cite web , url=https://azerbaijan.az/en/related-information/134 , title=STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN , last= , first= , date= , website=azerbaijan.az , publisher= , access-date=October 28, 2021 , quote=
Government agencies of Azerbaijan
Economy of Azerbaijan
Sovereign wealth funds
Petroleum economics
Petroleum organizations
1999 establishments in Azerbaijan
Organizations based in Baku