State Oil Fund of Azerbaijan
|Azerbaijan||US$ 36.6 Billion|
Transparency Rating: 10
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Firm Investment Style: Mostly Portfolio
Entity Structure: Fund
Population Est.: 9.4 million – 2013
Wealth Per Capita Est.: $3,894
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a sovereign wealth fund located in Azerbaijan.
Background on SOFAZ
Located in the port city of Baku, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established in December 29, 1999 in accordance with the Decree of Heydar Aliyev, the former President of the Republic of Azerbaijan. The main responsibility of SOFAZ is to manage foreign currency and assets generated from oil and gas exploration and development. Statutory regulations were approved for the fund by President Heydar Aliyev exactly one year after establishment. The fund’s purpose is for the benefit of future generations, while improving the current economic well-being of its populace.
|Strategy & Objectives
24 Neftchilar Avenue, Dalga Plaza
Members of the Supervisory Board are appointed by the President of the Republic of Azerbaijan. Board members represent as state bodies and civil society. There are seven members on the supervisory board, including two members of the Milli Majilis (parliament), who are nominated by the Speaker of Parliament. The management of the State Oil Fund of the Republic of Azerbaijan is vested with the Executive Director. Movsumov is an active legal representative of the Fund, and has the responsibilities of appointing employees, management of Fund assets in compliance with the regulations approved by the President of Azerbaijan, and preparation of the annual budget for the Fund.