The State Oil Fund

The State Oil Fund was established by Decree 240 of the President of the Republic of Azerbaijan, dated December 29, 1999.

Since 1994, a number of agreements were signed with foreign investors within the framework of the Republic of Azerbaijan\'s oil strategy for joint development of the country\'s oil and gas resources.  Getting of first revenues from realization of these agreements made actual the matter of its effective use. Just with the purpose of establishing of such mechanism the State Oil Fund has been established.

The State Oil Fund of the Republic of Azerbaijan was established for the purposes of 

effective management of funds obtained from implementation of agreements signed between the State Oil Company of Republic of Azerbaijan and investors on oil and gas exploration, development and production share, as well as from implementation of the other agreements in Republic of Azerbaijan and the Azerbaijan sector of Caspian Sea on oil and gas exploration and exploitation of resources.

 Overall control on the formation of the Fund\'s assets and expenditure is carried out by the Supervisory Board.