The State Oil Fund of the Republic of Azerbaijan or SOFAZ (Azerbaijani: Azərbaycan Respublikası Dövlət Neft Fondu (ARDNF)) is a sovereign wealth fund founded in December 1999. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No. 240 dated December 29, 1999. 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. SOFAZ is headed by an Executive Director appointed and dismissed by the President. The general control over the activities of SOFAZ is carried out by the Supervisory Board. The main task of the Supervisory Board is to give a review on the draft annual budget prepared by SOFAZ Executive Director and reports on budget execution, annual reports and audit results of financial activities. More information...
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