State Oil Fund of the Republic of Azerbaijan

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 dated december 29, 1999. the cornerstone of the philosophy behind the oil fund is to ensure intergenerational equality with regard to the country's oil wealth. it is a mechanism whereby energy-related windfalls will be accumulated and efficiently managed. the oil fund is a special purpose state organization in which azerbaijan’s revenues from implementation of oil and gas agreements are accumulated, efficiently managed and preserved for future generations.