The State Oil Fund of the Republic of Azerbaijan was established in accordance with the Decree of the National leader Heydar Aliyev on December 29, 1999. During preceding 10 years State Oil Fund becoming an internationally recognized organization achieved transparent and effective management of Azerbaijan's strategic currency reserves.

To honour following persons with Progress Medal for their contributions to development of the State Oil Fund of the Republic of Azerbaijan:

Bayramov Mushvig Binyat oglu

Farzaliyev Ilham Rafayil oglu

Hasanova Sabina Alesker gizi

Lutfaliyeva Sevinj Kamil gizi

Mammadov Rauf Ahmedovich

Movsumov Shahmar Arif oglu

Muinova Anjelika Nikolayevna

Ilham Aliyev,

President of the Republic of Azerbaijan

Baku, December 29, 2009.