Since early 2003 till October 1, 2014 aggregate volume of transfers to the state budget from the State Oil Fund of Azerbaijan (SOFAZ) totaled 53,834,700,000 AZN, considering that during this period about 90 billion AZN (60%) was transferred to its accounts.
According to the Fund, since early this year the volume of transfers from SOFAZ to the state budget totaled 7,399,700,000 AZN.
SOFAZ was established by the decree of Azerbaijani President on December 29, 1999 and is the off-budget state institution, which is subordinate only to president. It accumulates incomes from implementation of oil contracts, in particular, from sale of profitable oil and gas of the state, transit fees for oil and gas transportation via the territory of the country, rent of state property and etc.
