oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Chronology

• 29 December

SOFAZ is established in accordance with the Decree of the President of the Republic of Azerbaijan, Heydar Aliyev.

• 29 December

Approval of the Statute of SOFAZ

First assets in the amount of USD 270.9 million are transferred to SOFAZ's account in the Central Bank of the Republic of Azerbaijan.

• 3 January

Appointment of the Executive Director of SOFAZ

• 19 June

Approval of the "Rules on holding, placement and management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan"

• 12 September

Approval of the "Rules on preparation and execution of the annual program of revenues and expenditures (budget) of the State Oil Fund of the Republic of Azerbaijan"

• 22 October

Approval of SOFAZ's first annual budget

Assets of SOFAZ are assigned to financing the immediate measures for the improvement of living conditions of refugees and internally displaced persons.

• 27 December

Approval of the composition of SOFAZ's Supervisory Board

• 16 July

First meeting of SOFAZ's Supervisory Board with the participation of the President of the Republic of Azerbaijan, Heydar Aliyev

• 30 July

SOFAZ starts financing the share of the Republic of Azerbaijan in BTC main export pipeline project.

SOFAZ starts to transfer part of its assets to state budget of the Republic of Azerbaijan.

• 17 June

The government of Azerbaijan declares its decision to join EITI.

• 13 November

Establishment of the State Committee on EITI

• 27 September

Approval of the "Long term strategy on the management of oil and gas revenues"

• 24 November

Signing of MOU on implementation of EITI in Azerbaijan

The government of Azerbaijan discloses its first report on EITI.

For the first time the amount of assets of SOFAZ exceeds USD 1 billion.

• 25 May

Inauguration of the Azerbaijan section of Heydar Aliyev BTC Main Oil Export Pipeline

Early oil passes from Sangachal terminal into the pipeline.

SOFAZ allocates assets for financing "Oguz-Gabala-Baku water pipeline construction" and "Reconstruction of Samur-Absheron irrigation system" projects.

• 30 March

Assets from SOFAZ are assigned for the formation of the statutory capital of Azerbaijan Investment Company.

SOFAZ allocates assets for financing "Baku-Tbilisi-Kars new railway" project.

First profit payment for the Shah Deniz project is paid to SOFAZ.

• 26 June

SOFAZ is awarded with UN Public Service Award.

• 6 August

For the first time, the amount of assets of SOFAZ exceeds USD 2 billion.

SOFAZ starts financing the "State Program on education of Azerbaijan youth abroad in the years 2007-2015".

SOFAZ assets exceed USD 10 billion.

• February

Azerbaijan is awarded with "2009 EITI Award".

• 16 February

Azerbaijan becomes EITI Compliant country.

• 8-9 October

International Forum of Sovereign Wealth Funds inaugural meeting hosted by SOFAZ and the Government of the Republic of Azerbaijan is held in Baku.

• 29 December

President of the Republic of Azerbaijan, Ilham Aliyev attends the ceremony of laying the foundation of SOFAZ's new office building.

• 29 December

SOFAZ 's several employees are rewarded with "Progress" medal by Order of the President of the Republic of Azerbaijan Ilham Aliyev.

The logo of SOFAZ is created.

SOFAZ starts to invest in International Finance Corporation African, Latin American and Caribbean Fund.

EITI Multi-Stakeholder Group inaugural meeting is held.

SOFAZ discloses its first report on application of the Santiago Principles.

Changes have been made to the Investment Policy of SOFAZ.

USD 485 million invested in ACG project.

SOFAZ's assets exceed USD 30 bln.

SOFAZ starts investing into gold.

SOFAZ starts investing into equities.

SOFAZ joins Facebook and Twitter.

EITI Azerbaijan publishes its first annual report.

SOFAZ invests into Russian ruble, Turkish lira and Australian dollar.

SOFAZ purchases real estates in London, Paris and Moscow.

SOFAZ hosts "10 years of Azerbaijan in EITI. From history to new stage" conference.

Azerbaijan is re-elected to the EITI International Board.

SOFAZ starts to import purchased gold to Azerbaijan.

SOFAZ invests in International Finance Corporation Catalyst Fund.

SOFAZ invests in IFC Global Infrastructure Fund.

SOFAZ opens its new administrative building.

Executive Director of SOFAZ is elected to Supervisory Council of VTB Bank.

The new Memorandum on EITI Implementation is signed.

SOFAZ purchases real estate in Seoul.


SOFAZ makes a prime acquisition in Ginza, Tokyo.

SOFAZ started investing in Chinese Yuan.

SOFAZ Tower is rated Good by BREEAM.

SOFAZ agrees to acquire Palazzo Turati in Milan.

SOFAZ committed USD 100 mln. into "Redwood Japan Logistics Fund II".

Extractive Industries Transparency Commission (EICT) is established in accordance with the Decree of the President of the Republic of Azerbaijan Ilham Aliyev dated April 5, 2017.

July 6

Approval of the new composition of SOFAZ's Supervisory Board

September 20

SOFAZ’s Executive Director Shahmar Movsumov has been elected to the board of International Forum of Sovereign Wealth Funds

October 11

SOFAZ has been ranked 10th amongst hundred most impactful public investors.

December 12

SOFAZ introduced its new website