Transparency initiative annual report

State Oil Company of Azerbaijan Republic (SOCAR)

SOCAR is a state oil and natural gas company of Azerbaijan. It produces oil and natural gas, carries out oil refining and implements operation of oil and gas pipelines in the territory of the country. Additional information can be found in the section 2.6 “State Participation in Extractive Industry” of this Report.

State Oil Company of Azerbaijan Republic functions in accordance with the Charter approved by the President Decree No. 127 on 18 September 2004. ²⁵
State Oil Fund of Azerbaijan Republic

State Oil Fund of Azerbaijan Republic (“SOFAZ”) is a mechanism for implementing management of profit collection for the benefit of future generations. SOFAZ has been established as an extra-budgetary fund and functions as a legal entity having an independent management structure from the Government or the Central Bank of the Republic of Azerbaijan. The mission of SOFAZ is transforming deplete hydrocarbon reserves into financial assets generating perpetual income for current and future generations. Additional information can be found in the section 4.5 “Operations related to Government agencies” of this Report.

State Oil Fund of Azerbaijan Republic functions in accordance with the Regulation approved by the President Decree No. 434 on 29 December 2000. ²⁶
The following table depicts the structure of relationships between Government agencies and extractive industry companies.
Figure 3: Roles of the Government agencies ²⁷

* Additional details are provided in the section 2.1.4 “Roles and responsibilities of the relevant Government agencies” of the report.