A | B | C | D | E | F | G | H | CH | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
| Azərbaycan Respublikasının Dövlət Neft Fondu | |
 | |
| Abbreviation | SOFAZ |
|---|---|
| Established | December 29, 1999 |
| Founded at | Baku, Azerbaijan |
| Type | SWF |
Executive Director | Israfil Mammadov |
| Award(s) | United Nations Public Service Awards EITI Award |
| Website | www.oilfund.az |
The State Oil Fund of the Republic of Azerbaijan (Azerbaijani: Azərbaycan Respublikasının Dövlət Neft Fondu), also known by its abbreviation SOFAZ, is a sovereign wealth fund of Azerbaijan founded in December 1999.[1] Nearly all the fund's revenues come from Azerbaijan's oil and gas exports.[2][3]
History and organization
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No. 240 dated December 29, 1999.[4][5] Statue of the State Oil Fund was approved by the Decree of the President of the Republic of Azerbaijan No. 434 dated December 29, 2000.[6]
Governance
Supervisory Board
The Supervisory Board, established with members appointed by the President, assumes comprehensive control over the Fund's fund formation and spending.[7]
The board comprises 7 key officials including the Prime Minister, Deputy Speaker of the National Assembly, Assistants to the President of Azerbaijan – Head of Economic Affairs and Innovative Development Policy, and Head of Economic Policy and Industrial Affairs departments of the Presidential Administration, Minister of Finance, Minister of Economy, and the Chairman of the Central Bank of Azerbaijan.[8]
Executive Director
The operational management of the Fund's activities is carried out by the Executive Director[7] who is appointed and dismissed by the President. As of 2018, the executive director reports to the President.[9] There have been three executive directors since 2001:
- Samir Sharifov (January 3, 2001[10] – April 18, 2006[11])
- Shahmar Movsumov (May 15, 2006[12] – November 29, 2019[13])
- Israfil Mammadov (November 29, 2019[14] – present)
Awards
- United Nations Public Service Awards (2007)[15]
- EITI Award (2009)[16]
Criticism
American historian Audrey Altstadt has criticized SOFAZ for its lack of transparency in financial matters and contracting practices, raising concerns about potential corruption. She highlighted instances where contracts were granted to entities owned by the ruling Aliyev family in Azerbaijan. Additionally, she pointed out that SOFAZ funds are regularly diverted to cover state deficits.[17] Moreover, British journalist Thomas de Waal has described projects funded by SOFAZ as vanity endeavors.[18]
References
- ^ "IFC and Azerbaijan Support Private Sector Development in Emerging Markets". pressroom.ifc.org. Retrieved October 28, 2021.
- ^ Curran, Enda (2013-02-13). "Azerbaijan to Buy Australian Real Estate". Wall Street Journal. ISSN 0099-9660.
- ^ Di Bonaventura Altuve, Leonardo (2023). "The demise of sovereign wealth funds". Review of International Political Economy. doi:10.1080/09692290.2023.2190601. ISSN 0969-2290.
- ^ "State Oil Fund (Azerbaijan)". www.investopedia.com. Retrieved October 28, 2021.
- ^ "Azərbaycan Respublikasının Dövlət Neft Fondunun yaradılması haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN FƏRMANI". www.e-qanun.az. December 29, 1999. Retrieved October 28, 2021.
- ^ "Azərbaycan Respublikasının Dövlət Neft Fondu haqqında Əsasnamənin təsdiq edilməsi barədə AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN FƏRMANI". www.e-qanun.az. December 29, 2000. Retrieved October 28, 2021.
- ^ a b "Azərbaycan Respublikasının Dövlət Neft Fondu haqqında Əsasnamənin təsdiq edilməsi barədə Azərbaycan Respublikası Prezidentinin Fərmanı". www.e-qanun.az. July 19, 2019. Retrieved August 23, 2023.
- ^ "Azərbaycan Respublikası Dövlət Neft Fondu Müşahidə Şurasının yeni tərkibinin təsdiq edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. December 9, 2019. Retrieved August 23, 2023.
- ^ Altstadt, Audrey (2018), Frustrated Democracy in Post-Soviet Azerbaijan, Columbia University Press, pp. 114-, doi:10.7312/alts70456/html, ISBN 978-0-231-80141-6
- ^ "S. R. Şərifovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı Direktoru təyin edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. January 3, 2001. Retrieved October 28, 2021.
- ^ "S. R. Şərifovun Azərbaycan Respublikasının Dövlət Neft Fondunun İcraçı direktoru vəzifəsindən azad edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. April 18, 2006. Retrieved October 28, 2021.
- ^ "Ş.A.Mövsümovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı Direktoru təyin edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. May 15, 2006. Retrieved October 28, 2021.
- ^ "Ş.A.Mövsümovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı direktoru vəzifəsindən azad edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. November 29, 2019. Retrieved October 28, 2021.
- ^ "İ.A.Məmmədovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı direktoru təyin edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". www.e-qanun.az. November 29, 2019. Retrieved October 28, 2021.
- ^ "List of Winners and Finalists for the 2007 UN Public Service Awards" (PDF). unpan1.un.org. Archived from the original (PDF) on March 5, 2016.
- ^ "EITI Chairman's Awards presented in Doha". eiti.org. EITI. February 24, 2009. Archived from the original on October 30, 2021. Retrieved October 28, 2021.
- ^ Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 24, 114–120. ISBN 978-0-231-80141-6.
- ^ Waal, Thomas de (2018-11-02). The Caucasus: An Introduction. Oxford University Press. p. 185. ISBN 978-0-19-068311-5.
Source
- "TBY talks to Shahmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan Republic (SOFAZ), on highlights of 2013, the Year of Industry, and the international outreach". www.thebusinessyear.com. 2014. Retrieved October 28, 2021.
- Aslanli, Kenan (2015). "Fiscal sustainability and the State Oil Fund in Azerbaijan". Journal of Eurasian Studies. 6 (2): 114–121. doi:10.1016/j.euras.2015.03.004. ISSN 1879-3665.
- "TBY talks to Shahmar Movsumov, Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), on the fund's growing and diversifying investment portfolio and its contribution to the evolution of wealth and development in Azerbaijan". www.thebusinessyear.com. 2013. Retrieved October 28, 2021.
- "STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN". azerbaijan.az. Retrieved October 28, 2021.
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