oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

Chronology

• 29 December

The President of Azerbaijan, Heydar Aliyev signs a Decree to establish SOFAZ.

• 29 December

The President of Azerbaijan, Heydar Aliyev approves SOFAZ’s Statute.

SOFAZ receives its first capital transfers in the amount of USD 270.9 mln.

• 3 January

The President of Azerbaijan appoints SOFAZ’s CEO.

19 June

The President of Azerbaijan approves "Rules on holding, placement and management of foreign currency assets of SOFAZ".

• 12 September

The President of Azerbaijan approves “Rules on preparation and execution of the annual program of revenues and expenditures (budget) of SOFAZ".

• 22 October

SOFAZ's first annual budget is approved.

SOFAZ finances its first project; “Improving the social conditions of refugees and internally displaced persons”.

• 27 December

SOFAZ's Supervisory Board is set up.

  • 16 July

The Supervisory Board holds its first meeting with the participation of the President of Azerbaijan.

  • 30 July

SOFAZ finances the share of Azerbaijan in the Baku-Tbilisi-Ceyhan Main Export Pipeline project.

Ernst & Young conducts the first audit of SOFAZ’s financial performance.

SOFAZ begins to transfer its assets to the state budget.

• 17 June

The Government of Azerbaijan declares its decision to join the Extractive Industries Transparency Initiative (EITI).

• 13 November

The State Committee on EITI is established.

• 24 November

EITI stakeholders signs MOU on implementation of EITI in Azerbaijan.

The government of Azerbaijan discloses its first report on EITI.

SOFAZ assets surpass USD 1 billion.

• 25 May

The inauguration ceremony of the Azerbaijani section of Baku-Tbilisi-Ceyhan oil export pipeline takes place.


SOFAZ finances "Oguz-Gabala-Baku water pipeline construction" and "Reconstruction of Samur-Absheron irrigation system" projects.

30 March

SOFAZ funds the formation of the statutory capital of Azerbaijan Investment Company.

SOFAZ finances "Baku-Tbilisi-Kars New Railway" project.

SOFAZ receives first profit payment from the Shah Deniz project.

26 June

SOFAZ receives the United Nations Public Service Award for “Improving Transparency, Accountability and Responsiveness in the Public Service”.

6 August

SOFAZ assets surpass USD 2 billion.

SOFAZ finances the "State Program on education of Azerbaijan youth abroad in the years 2007-2015".

SOFAZ assets surpass USD 10 billion.

SOFAZ receives first dividend from the Heydar Aliyev Baku-Tbilisi-Ceyhan Main Export Pipeline project.

February

"2009 EITI Award" is presented to Azerbaijan.

• 16 February

Azerbaijan becomes EITI Compliant country.

• 8-9 October

SOFAZ hosts the inaugural meeting of the International Forum of Sovereign Wealth Funds in Baku.

• 29 December

The ceremony of laying the foundation stone of SOFAZ's new administrative building takes place with the participation of the President of Azerbaijan Ilham Aliyev.

• 29 December

SOFAZ celebrates its 10th anniversary.

The President of the Republic of Azerbaijan Ilham Aliyev awards medals to a number of SOFAZ employees.


SOFAZ unveils its new logo.

SOFAZ makes its first private equity investments.

Oguz-Gabala-Baku water pipeline becomes operational.

EITI Multi-Stakeholder Group holds its inaugural meeting.

In accordance with the Santiago Principles, SOFAZ releases its first self-assessment report.

Changes have been made to the Investment Policy of SOFAZ.

USD 485 million invested in ACG project.

SOFAZ’s assets surpass USD 30 billion.

SOFAZ makes its first investments into gold, public equity and real estate.

SOFAZ adds the Turkish Lira, Australian Dollar and Russian Ruble into its investment portfolio.

SOFAZ joins Facebook and Twitter.


SOFAZ hosts "10 years of Azerbaijan in EITI. From history to the new stage," conference.

Azerbaijan is re-elected to the EITI International Board.

SOFAZ imports purchased gold to Azerbaijan.

SOFAZ invests in International Finance Corporation Catalyst Fund.

SOFAZ invests in IFC Global Infrastructure Fund.

The opening ceremony of SOFAZ’s new administrative building takes place with the participation of the President of Azerbaijan Ilham Aliyev.

Executive Director of SOFAZ is elected to Supervisory Council of VTB Bank.

Changes are made to the Investment Policy. Allocation to equities is increased from 5% to 10% by means of a 5% reduction in fixed-income holdings (from 85% to 80%).

SOFAZ begins in-house management of public equity indexes.

The groundbreaking ceremony of “Southern Gas Corridor” takes place.

SOFAZ finances the share of Azerbaijan in the “Southern Gas Corridor” CJSC statutory capital.

SOFAZ makes a prime acquisition in Ginza, Tokyo.

SOFAZ adds Chinese Yuan into its investment portfolio.

SOFAZ hosts the third Annual Summit of the Co-Investment Roundtable of Sovereign and Pension Funds in Baku.

SOFAZ Tower is rated Good by BREEAM.

Changes are made to the Investment Policy. Allocation to equities is increased from 10% to 15%; share of real estate is increased from 5% to 10% by means of a reduced allocation to fixed-income (from 80% to 70%).

SOFAZ increases the share of alternative asset classes.

The President of Azerbaijan Ilham Aliyev signs a Decree to establish the Extractive Industries Transparency Commission (EITC).

Changes are made to the Investment Policy. Allocation to equities is increased from 15% to 25% by means of a 10% reduction in fixed-income holdings (from 70% to 60%).

SOFAZ increases the share of real estate and equities investments.

The official opening ceremony of Baku-Tbilisi-Kars railway takes place.

The official opening ceremony of "Star" Oil Refinery Complex takes place.

A new semi-submersible drilling rig named after Heydar Aliyev becomes operational.

SOFAZ increases its share of gold investments.

SOFAZ’s Executive Director has been elected to the board of International Forum of Sovereign Wealth Funds.

October 11

SOFAZ ranks 10th amongst one hundred most impactful public investors, according to The Sovereign Wealth Fund Institute’s (SWFI) ranking.

December 12

SOFAZ introduces its new designed website.

April 05

SOFAZ and The Ministry of Ecology and Natural Resources launches a joint tree-planting campaign.

April 26

SOFAZ’s assets hit a record of over USD 40 billion for the first time.

Changes are made to the Investment Policy. Allocation to gold is increased from 5% to 10% and the share of fixed-income is decreased from 60% to 55%.

Annual return of investment portfolio exceeds 5% for the first time.

June 12

The inauguration ceremony of the Trans-Anatolian Natural Gas Pipeline (TANAP) takes place in Turkey.

September 26

SOFAZ hosts an international conference titled “Impact Investing: Opportunities and challenges for institutional investors”.

December 26

The President of the Republic of Azerbaijan, Ilham Aliyev, awards medals to a number of SOFAZ employees.

December 29

SOFAZ celebrates its 20th anniversary.