State Oil Fund of Azerbaijan
| 200px | |
| Type | State-owned |
|---|---|
| Industry | Oil and gas |
| Founded | 1999 |
| Headquarters | Baku, Azerbaijan |
| Key people | Shahmar Movsumov (Executive Director) |
| Products | financial assets generated from oil and gas industry of Azerbaijan |
| Revenue |
 $18.1 billion |
| Owner(s) | Azerbaijan Republic - 100% |
| Website | www.oilfund.az |
The State Oil Fund of Azerbaijan (SOFAZ) (Azerbaijani: Azərbaycan Respublikası Dövlət Neft Fondu) is the state-owned fund managing financial assets generated by oil and natural exploration and development in Azerbaijan.[1] It's located on Neftchiler Avenue in Baku.
Overview
The fund was established on December 29, 1999 by the Presidential Decree No. 240 in order to ensure intergenerational distribution of financial profits yielding from exploration, development and exploitation of Azerbaijani oil fields by safeguarding economic security for future generations.[2] Shahmar Movsumov has been the Executive Director of the fund since May 15, 2006.[3] The supervisory board consists of seven members, including two members of the Milli Majilis, who are nominated by the Speaker of Parliament.[1]
The fund conducts trading on New York Stock Exchange and NASDAQ and will be enhancing its financial operations in domestic stock market as well.[4] As of August 2010, the fund assest are reported at $18.1 billion with AZN 6.1 billion earned and AZN 2.6 billion spent in the first half of 2010. AZN 2.455 billion was transferred to the state budget, AZN 34 million were spent on improvement of social conditions of Azerbaijani refugees and IDPs; AZN 74.8 million and AZN 53 million were spent on reconstruction of Samur-Absheron irrigation system and construction of Oghuz-Gabala-Baku water supply system, respectively; AZN 1.5 million for financing of Baku-Tbilisi-Kars Railway and AZN 2.8 million for education abroad in 2007-2015 programs of Azerbaijani youth.[5]
References
- ↑ 1.0 1.1 "Swift Institute. State Oil Fund of the Republic of Azerbaijan". http://www.swfinstitute.org/fund/azerbaijan.php. Retrieved August 9, 2010.
- ↑ "State Oil Fund of the Republic of Azerbaijan. History and philosophy". http://www.oilfund.az/en/content/2. Retrieved 2010-08-12.
- ↑ "State Oil Fund of the Republic of Azerbaijan. Supervisory Board". http://www.oilfund.az/en/content/2. Retrieved 2010-08-12.
- ↑ "State Oil Fund of Azerbaijan ready to begin operations at domestic stock market". Opalesque News. 2010-09-30. http://www.opalesque.com/SWF_Briefing/?p=4153. Retrieved August 9, 2010.
- ↑ "Azerbaijan State Oil Fund assets exceed $18.1 bn". News.az. 2010-08-02. http://www.news.az/articles/20204. Retrieved August 8, 2010.
az:Azərbaycan Respublikası Dövlət Neft Fondu ru:Государственный нефтяной фонд Азербайджана
