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=== Criticism ===
=== Criticism ===
SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption.<ref>{{Cite journal|last1=Aslanli|first1=Kenan|date=2015|title=Fiscal sustainability and the State Oil Fund in Azerbaijan|journal=Journal of Eurasian Studies|language=en|volume=6|issue=2|pages=114–121|doi=10.1016/j.euras.2015.03.004|issn=1879-3665|doi-access=free}}</ref> Critics have described projects funded by SOFAZ as useless,<ref>{{Cite book|last=Waal|first=Thomas de|url=https://books.google.com/books?id=8dp1DwAAQBAJ|title=The Caucasus: An Introduction|date=2018-11-02|publisher=Oxford University Press|isbn=978-0-19-068311-5|pages=185|language=en}}</ref> and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.<ref>{{Cite book|last=Altstadt|first=Audrey L.|url=https://books.google.com/books?id=RgbRDgAAQBAJ|title=Frustrated Democracy in Post-Soviet Azerbaijan|date=2017|publisher=Columbia University Press|isbn=978-0-231-80141-6|language=en}}</ref> Funds from SOFAZ are frequently transferred to make up for state deficits.<ref name=":0" />
SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption.<ref>{{Cite journal|last1=Aslanli|first1=Kenan|date=2015|title=Fiscal sustainability and the State Oil Fund in Azerbaijan|journal=Journal of Eurasian Studies|language=en|volume=6|issue=2|pages=114–121|doi=10.1016/j.euras.2015.03.004|issn=1879-3665|doi-access=free}}</ref><ref name=":1" /> Critics have described projects funded by SOFAZ as useless,<ref>{{Cite book|last=Waal|first=Thomas de|url=https://books.google.com/books?id=8dp1DwAAQBAJ|title=The Caucasus: An Introduction|date=2018-11-02|publisher=Oxford University Press|isbn=978-0-19-068311-5|pages=185|language=en}}</ref> and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.<ref name=":1">{{Cite book |last=Altstadt |first=Audrey L. |url=https://books.google.com/books?id=RgbRDgAAQBAJ |title=Frustrated Democracy in Post-Soviet Azerbaijan |date=2017 |publisher=Columbia University Press |isbn=978-0-231-80141-6 |pages=24, 114-117 |language=en}}</ref> Funds from SOFAZ are frequently transferred to make up for state deficits.<ref name=":1" />


== References ==
== References ==

Revision as of 10:34, 18 July 2023

The State Oil Fund of the Republic of Azerbaijan
Azərbaycan Respublikası 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 or SOFAZ (Template:Lang-az) is a sovereign wealth fund 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]

SOFAZ is headed by an Executive Director who is appointed and dismissed by the President. The executive director reports to the President.[7] There have been three executive directors since 2001: Samir Sharifov (2001[8]–2006[9]), Shahmar Movsumov 2006[10]–2019[11]) and Israfil Mammadov (2019[12] – ).

SOFAZ won a United Nations Public Service Award in 2007[13] and an EITI Award in 2009.[14]

Criticism

SOFAZ has been criticized for lacking transparency in its finances and in its contracting, which has raised questions about corruption.[15][16] Critics have described projects funded by SOFAZ as useless,[17] and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.[16] Funds from SOFAZ are frequently transferred to make up for state deficits.[16]

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. doi:10.1080/09692290.2023.2190601. ISSN 0969-2290.
  4. ^ "State Oil Fund (Azerbaijan)". www.investopedia.com. Retrieved October 28, 2021.
  5. ^ "Azərbaycan Respublikasının Dövlət Neft Fondunun yaradılması haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN FƏRMANI". www.e-qanun.az. December 29, 1999. Retrieved October 28, 2021.
  6. ^ "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.
  7. ^ 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
  8. ^ "S. R. Şərifovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı Direktoru təyin edilməsi haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN SƏRƏNCAMI". www.e-qanun.az. January 3, 2001. Retrieved October 28, 2021.
  9. ^ "S. R. Şərifovun Azərbaycan Respublikasının Dövlət Neft Fondunun İcraçı direktoru vəzifəsindən azad edilməsi haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN SƏRƏNCAMI". www.e-qanun.az. April 18, 2006. Retrieved October 28, 2021.
  10. ^ "Ş.A.Mövsümovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı Direktoru təyin edilməsi haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN SƏRƏNCAMI". www.e-qanun.az. May 15, 2006. Retrieved October 28, 2021.
  11. ^ "Ş.A.Mövsümovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı direktoru vəzifəsindən azad edilməsi haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN SƏRƏNCAMI". www.e-qanun.az. November 29, 2019. Retrieved October 28, 2021.
  12. ^ "İ.A.Məmmədovun Azərbaycan Respublikası Dövlət Neft Fondunun İcraçı direktoru təyin edilməsi haqqında AZƏRBAYCAN RESPUBLİKASI PREZİDENTİNİN SƏRƏNCAMI". www.e-qanun.az. November 29, 2019. Retrieved October 28, 2021.
  13. ^ "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.
  14. ^ "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.
  15. ^ 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.
  16. ^ a b c Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 24, 114–117. ISBN 978-0-231-80141-6.
  17. ^ Waal, Thomas de (2018-11-02). The Caucasus: An Introduction. Oxford University Press. p. 185. ISBN 978-0-19-068311-5.

Source

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