Sofaz
STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN
OVERVIEW
The State Oil Fund is a special purpose state organization in which Azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for future generations.
HISTORY
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Decree № 240 of the President of the Republic of Azerbaijan dated 29 December, 1999 "On Establishment of the State Oil Fund of the Republic of Azerbaijan". Statute of SOFAZ was approved by the Decree of the President of the Republic of Azerbaijan № 434 dated December 29, 2000. SOFAZ began operating after approval of the Decree on "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" by the President of the Republic of Azerbaijan dated June 19, 2001. Establishment of the Oil Fund is a main part of the oil strategy of Azerbaijani National Leader Heydar Aliyev.
The cornerstone of the philosophy behind the Oil Fund is to ensure intergenerational equality with regard to the country's oil wealth.
GOALS AND OBJECTIVES
The Oil Fund is a special purpose state organization in which Azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for present and future generations. Oil Fund was founded in order to manage the oil and gas incomes efficiently as well as to invest them in development of socio-economically important projects and advance spheres.
The main objectives of the Oil Fund are followings:
1. Preservation of macroeconomic stability, ensuring fiscal-tax discipline, decreasing dependence on oil revenues and stimulating development of the non-oil sector
2. Considering that oil and gas are depletable resources ensuring intergenerational equality with regard to the country’s oil wealth and accumulate and preserve oil revenues for future generations
3. Financing major
OVERVIEW
The State Oil Fund is a special purpose state organization in which Azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for future generations.
HISTORY
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Decree № 240 of the President of the Republic of Azerbaijan dated 29 December, 1999 "On Establishment of the State Oil Fund of the Republic of Azerbaijan". Statute of SOFAZ was approved by the Decree of the President of the Republic of Azerbaijan № 434 dated December 29, 2000. SOFAZ began operating after approval of the Decree on "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" by the President of the Republic of Azerbaijan dated June 19, 2001. Establishment of the Oil Fund is a main part of the oil strategy of Azerbaijani National Leader Heydar Aliyev.
The cornerstone of the philosophy behind the Oil Fund is to ensure intergenerational equality with regard to the country's oil wealth.
GOALS AND OBJECTIVES
The Oil Fund is a special purpose state organization in which Azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for present and future generations. Oil Fund was founded in order to manage the oil and gas incomes efficiently as well as to invest them in development of socio-economically important projects and advance spheres.
The main objectives of the Oil Fund are followings:
1. Preservation of macroeconomic stability, ensuring fiscal-tax discipline, decreasing dependence on oil revenues and stimulating development of the non-oil sector
2. Considering that oil and gas are depletable resources ensuring intergenerational equality with regard to the country’s oil wealth and accumulate and preserve oil revenues for future generations
3. Financing major