National Extractive Industry Transparency Initiative

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established in accordance with the Decree of the President of the Republic of Azerbaijan # 240 dated December 29, 1999 "On Establishment of the State Oil Fund of the Republic of Azerbaijan". Statutory Regulations of the State Oil Fund of the Republic of Azerbaijan was approved by the President of the Republic of Azerbaijan # 434 dated December 29, 2000. The cornerstone of the philosophy behind the Oil Fund is to ensure intergenerational equality of benefit with regard to the country's oil wealth, whilst improving the economic well-being of the population today and safeguarding economic security for future generations.