oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

General information

General information

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is accountable and bears responsibility before the President of the Republic of Azerbaijan.

SOFAZ's activities are overseen by a Supervisory Board. The Board reviews SOFAZ's draft annual budget, annual report and financial statements along with independent auditor's opinion and provides its comments.

The Supervisory Board consists of representatives of both executive and legislative powers, including ministers and members of the Parliament. Six members of the Supervisory Board were appointed in accordance with Presidential Ordinance dated June 27, 2018.

SOFAZ is headed by the Executive Director, who is appointed and dismissed by the President of the Republic of Azerbaijan. SOFAZ's Executive Director represents the Fund, carries out operational management of the activities, appoints and dismisses employees in accordance with the legislation, ensures the management and investment of the Fund’s assets are in accordance with the Guidelines approved by the President of the Republic of Azerbaijan. SOFAZ’s Executive Director prepares an annual program on the utilization of SOFAZ’s assets and presents it to the President of the Republic of Azerbaijan for approval.

Deputy CEO of SOFAZ is appointed and dismissed by the President of the Republic of Azerbaijan and accomplishes tasks assigned by the Executive Director and bears personal responsibility.

Execution of SOFAZ’s budget is implemented in accordance to the Fund’s annual budget (commented by Supervisory Board and approved by respective Ordinances of the President of the Republic of Azerbaijan), the Program on the main utilization directions of the Fund’s assets and annual expenditure estimates.

SOFAZ assets are managed in accordance with asset management guidelines approved by the Presidential Decree on "Asset Management Rules (Guidelines) for the State Oil Fund of the Republic of Azerbaijan" № 511 dated June 19, 2001.