By Vafa Ismayilova
A meeting of the Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) has been held, Azertag reported on December 27.
The meeting focused on the draft budget of SOFAZ for 2021, the Fund's Investment Policy and Rules, as well as other issues. The Supervisory Board adopted the decision to submit the draft budget of the State Oil Fund for 2021 to the President Ilham Aliyev, the report added.
SOFAZ was established in December 1999 by under a presidential decree and is a sovereign wealth fund of Azerbaijan, which accumulates and preserves the nation's oil and gas revenues for future generations. The fundamental mission of SOFAZ is to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.
The Fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan. As for now, SOFAZ contribution to the country’s GDP is over 80 percent.
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