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State Oil Fund of Azerbaijan

From Wikipedia, the free encyclopedia

The State Oil Fund of the Republic of Azerbaijan
Azərbaycan Respublikasının Dövlət Neft Fondu
AbbreviationSOFAZ
EstablishedDecember 29, 1999; 24 years ago (1999-12-29)
Founded atBaku, Azerbaijan
TypeSWF
Executive Director
Israfil Mammadov
Award(s)United Nations Public Service Awards
EITI Award
Websitewww.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] The fund has been criticized for its lack of transparency and for enriching Azerbaijan's political elites.[4][5]

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Transcription

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.[6][7] 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.[8]

SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption.[4] Critics have described projects funded by SOFAZ as useless,[5] and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.[4] Funds from SOFAZ are frequently transferred to make up for state deficits.[4]

Executive Director

The operational management of the Fund's activities is carried out by the Executive Director who is appointed and dismissed by the President.[9] As of 2018, the executive director reports to the President.[10] There have been three executive directors since 2001:

Supervisory Board

The President of Azerbaijan appoints the members of a Supervisory Board who are de facto powerless.[9] 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.[16]

Awards

References

  1. ^ "IFC and Azerbaijan Support Private Sector Development in Emerging Markets". pressroom.ifc.org. Retrieved October 28, 2021.
  2. ^ Curran, Enda (2013-02-13). "Azerbaijan to Buy Australian Real Estate". Wall Street Journal. ISSN 0099-9660.
  3. ^ Di Bonaventura Altuve, Leonardo (2023). "The demise of sovereign wealth funds". Review of International Political Economy. 31: 277–303. doi:10.1080/09692290.2023.2190601. ISSN 0969-2290. S2CID 257817535.
  4. ^ a b c d Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 24, 114–120. ISBN 978-0-231-80141-6.
  5. ^ a b Waal, Thomas de (2018-11-02). The Caucasus: An Introduction. Oxford University Press. p. 185. ISBN 978-0-19-068311-5.
  6. ^ "State Oil Fund (Azerbaijan)". www.investopedia.com. Retrieved October 28, 2021.
  7. ^ "Azərbaycan Respublikasının Dövlət Neft Fondunun yaradılması haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN FƏRMANI". www.e-qanun.az. December 29, 1999. Retrieved October 28, 2021.
  8. ^ "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.
  9. ^ a b Gawrich, Andrea; Franke, Anja; Windwehr, Jana (2010). Are Resources a Curse?: Rentierism and Energy Policy in Post-Soviet States. Verlag Barbara Budrich. p. 78. ISBN 978-3-86649-677-4.
  10. ^ Altstadt, Audrey (2018), Frustrated Democracy in Post-Soviet Azerbaijan, Columbia University Press, pp. 114–, doi:10.7312/alts70456, ISBN 978-0-231-80141-6
  11. ^ "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.
  12. ^ "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.
  13. ^ "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.
  14. ^ "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.
  15. ^ "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.
  16. ^ "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.
  17. ^ "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.
  18. ^ "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.

Source

This page was last edited on 26 April 2024, at 21:03
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