State Oil Fund of Azerbaijan

UAO Registry · Top 100 · Rank 82 · Sovereign Wealth Fund · Azerbaijan · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation
• Scale & portfolio
• Governance & leadership
• Investment philosophy & 2026 policy
• External managers
• Gold & real assets
• Climate / ESG
• Performance & reporting
• Domestic allocations & transfers
• International relations & IFSWF
• Controversies & debates
• Timeline
• Annex: AUM honesty
• Annex: CEO biography
• Annex: Deputy CEO
• Annex: Supervisory Board
• Annex: Investment Policy 2026 folds
• Annex: Asset management rules
• Annex: FY2025 statement
• Annex: H1 2026 statement
• Annex: Investment Results 2025
• Annex: Real estate holdings
• Annex: Gold programme
• Annex: ESG principles
• Annex: History & mission
• Annex: Chronology
• Annex: Awards & transparency
• Annex: Official news folds
• Annex: SWF peers
• Annex: Deliberate omissions
• Annex: Outbound checklist
• Annex: Editorial locks
• FAQ
• Sources
• Completeness

Executive brief

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is Azerbaijan’s oil-and-gas revenue sovereign wealth fund. Established by Presidential Decree on 29 December 1999, it is an extra-budgetary legal entity accountable to the President of Azerbaijan. Official mission language: transform depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations.

Prefer dated official USD (and parallel AZN) from oilfund.az — do not invent Instantiations headline AUM from the stale ~US$62 bn estimate. As of 30 June 2026, SOFAZ assets were USD 72,596.6 million (AZN 123,414 million) per Recent figures and the H1 2026 revenue/expenditure statement. At 31 December 2025 assets were USD 73,541.5 million (AZN 125,020.5 million), up 22.5% from USD 60,031.4 million at the start of 2025. FY2025 investment return 6.2%.

Leadership verified on oilfund.az Governance: CEO / Executive Director Israfil Mammadov (appointed 29 November 2019). Deputy CEO Rovshan Javadov (appointed 2 March 2020; previously CIO 2014–2020). Supervisory Board chaired in practice by Prime Minister Ali Asadov among a seven-member Board approved 9 December 2019. CIO Instantiations seat empty — do not invent; historical CIO tenures for Mammadov (2008–2013) and Javadov (2014–2020) are biographical, not a current named CIO roster page.

Researchers comparing peer SWFs such as NBIM, ADIA, CIC, GIC, Public Investment Fund (Saudi Arabia), Qatar Investment Authority, Emirates Investment Authority, Libyan Investment Authority, Alaska Permanent Fund Corporation or Future Fund should treat SOFAZ as a commodity-revenue savings and fiscal-transfer fund with annual Presidential Investment Policy, large gold sleeve, and material state-budget transfers — not as an unrestricted equity SWF.

Related UAO hubs: Registry · Top 100 · Careers Intelligence. Official site: oilfund.az.

Mandate & ownership

SOFAZ is accountable and bears responsibility before the President of the Republic of Azerbaijan. The Supervisory Board oversees activities and reviews the draft annual budget, annual report, and financial statements with the independent auditor’s opinion. The Executive Director manages operations and is appointed and dismissed by the President. The Deputy CEO is likewise appointed and dismissed by the President.

• Legal form: Extra-budgetary fund / legal entity separate from the government or central bank (History page).
• Owner / accountability: President of Azerbaijan; Supervisory Board of executive and legislative representatives.
• What it is: Oil-and-gas revenue sovereign wealth fund — accumulation, investment, and fiscal/project transfers.
• What it is not: SOCAR (the national oil company); the Central Bank of Azerbaijan; a private pension plan.
• Asset rules: Managed under the Asset Management Rules (Guidelines) approved by Presidential decrees, plus an annually approved Investment Policy.

Mission objectives on oilfund.az: preserve macroeconomic stability and fiscal discipline while reducing oil-revenue dependence and stimulating the non-oil sector; ensure inter-generational equality in oil wealth; finance major national-scale socio-economic projects.

Source: Governance general information; Mission and Objectives; History; Asset Management Rules PDF.

Disambiguation

SOFAZ ≠ SOCAR ≠ Central Bank of Azerbaijan ≠ Instantiations ~US$62 bn estimate. Soft researcher strings: SOFAZ, State Oil Fund of Azerbaijan, State Oil Fund of the Republic of Azerbaijan, Azərbaycan Respublikası Dövlət Neft Fondu. Do not confuse with other regional oil funds or with operating hydrocarbon companies.

Scale & portfolio

Currency discipline: publish official USD and AZN as SOFAZ publishes, with as-of dates. Do not invent FX. Do not promote the Instantiations ~US$62 bn public estimate as headline AUM.

Year-end 2025 asset-class mix (Investment Results 2025)

Gold page (separate date): gold sub-portfolio 178.1 tons as of 30 June 2026 — keep dates attached; do not conflate with the YE2025 200.0-ton print. Currency composition in the 2025 results PDF emphasises USD as the largest sleeve (including gold marked in USD), with EUR, GBP, CNY, JPY and other currencies.

Governance & leadership

CIO: Instantiations seat empty. Do not invent. Israfil Mammadov served as CIO 2008–2013 before becoming Deputy CEO then CEO. Rovshan Javadov served as CIO 2014–2020 before Deputy CEO appointment. A 13 April 2026 China–ASEAN Investment Program signing release on oilfund.az named Farhad Zeynalov as “SOFAZ Chief Investment Officer” at the ceremony — label as that release’s attribution only unless a dedicated Governance CIO page confirms the seat.

Supervisory Board (seven members, approved 9 Dec 2019)

• Ali Asadov — Prime Minister of the Republic of Azerbaijan
• Musa Gasimli — Deputy Speaker of the Milli Majlis
• Shahmar Movsumov — Assistant to the President; Head of Economic Issues and Innovative Development Policy Department
• Natig Amirov — Assistant to the President; Head of Economic Policy and Industrial Issues Department
• Sahil Babayev — Minister of Finance
• Mikayil Jabbarov — Minister of the Economy
• Taleh Kazimov — Chairman of the Central Bank of the Republic of Azerbaijan

Executive Director authorities (Governance page): represent the Fund; operational management; appoint/dismiss employees per legislation; ensure management and investment of assets under Presidential Guidelines.

Investment philosophy & 2026 policy

Investment Policy for 2026 (oilfund.az): implement a policy aimed at maximizing returns while minimizing the probability of substantial losses. USD is the base currency; a minimum of 85% of the portfolio shall be in assets denominated in USD, EUR, and GBP (subject to Supervisory Board annual review).

Benchmarks: Fixed Income — relevant currency ICE BofA Fixed Income Indices; Equity — MSCI indices; Gold — no target return/benchmark under Clause 4.2 of the Rules. Liquidity: at least USD 100 million in highly liquid short-term money market instruments; shortage not to exceed seven business days. External managers: total ≤60% of portfolio; single manager ≤5%; investment-grade parent rating or ≥5 years experience / ≥USD 1 bn managed.

Main 2026 expenditure directions in the policy text include the upper limit of transfers to the state budget and financing of higher-education / vocational-education state programmes under named Presidential Orders.

External managers

The Foreign managers page states that part of SOFAZ assets may be granted to external managers and currently lists managers with firm descriptions (page states seven). Named firm pages opened: World Bank Treasury (RAMP), UBS Global Asset Management, State Street Global Advisors, BlackRock, Mellon Capital Management (BNY Mellon AM NA), and Sumitomo Mitsui Trust Holdings. Manager AUM figures on that page are the managers’ own disclosed figures as of the dates printed there — not SOFAZ allocations.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Foreign managers Foreign managers Management of part of the assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) may be granted to external managers. An external manager or its parent company should meet the following requirements: 1) Have an investment grade credit rating (Standard & Poor’s or Fitch or Moody’s); 2) Have relevant experience of not less than 5 years in managing financial assets; 3) Have experience in managing financial assets in an amount equal to or exceeding USD 1 billion.

The amount granted for being managed by an external manager is determined as follows. The maximum allocation to external managers should not exceed 60% of the total value of the Portfolio. The maximum allocation to one external manager should not exceed 5% of the total value of the Portfolio.

Currently, part of the assets of the Oil Fund is being managed by 7 external managers: World Bank The World Bank Treasury invests over $180 billion in global fixed income on behalf of more than 70 internal and external clients including the World Bank Group, central banks, sovereign wealth funds and other official institutions.

The World Bank Treasury, within the framework of RAMP program provides advisory services and training to official sector investment managers to help countries efficiently manage foreign currency reserves and other investment portfolios. For detailed information please refer to: www.treasury.worldbank.org UBS UBS Global Asset Management is a business division of UBS AG, a Swiss public company listed on the Swiss Stock Exchange and the New York Stock Exchange.

The firm provides a diverse range of investment capabilities and styles across all major traditional and alternative asset classes, offering dedicated asset management solutions for sovereign clients such as Sovereign Wealth Funds, national and central banks, government agencies, national pension funds and other global institutions.

UBS Global Asset Management has its main offices in Chicago, Hong Kong, London, New York, Shanghai, Singapore, Sydney, Tokyo and Zurich. UBS has $1.1 trillion in assets under management as of 31 December, 2022. For detailed information please refer to: www.ubs.com State Street Global Advisors (SSgA) State Street Global Advisors (SSgA) founded in 1978 in Boston, is the asset management business of State Street Corporation, one of the world's leading providers of financial services to institutional investors, with a heritage dating back over two centuries.

SSgA’s operational platform features 29 global offices, 10 investment centers and a 24-hour global trading capability with trading desks in Boston, London and Hong Kong. State Street Corporation is a publicly traded bank holding company whose shares are traded on the New York Stock Exchange.

SSgA has $3.5 trillion in assets under management as of 31 December, 2022. SSgA’s specialist Official Institutions Group provides expert investment management services to sovereign clients such as central banks, government agencies and supranational institutions. For detailed information please refer to: www.ssga.com BlackRock BlackRock, Inc.

is a global investment management corporation based in New York City. Founded in 1988, BlackRock is the world’s largest asset manager with $8.6 trillion in AUM (as of 31 December 2022). BlackRock has world-class capabilities, with a comprehensive range of products and services across asset classes, geographies and investment strategies.

The firm has expertise in every region around the world, with approximately 19,000 employees in 30 countries and serves governments, companies, foundations, and millions of individuals. For detailed information please refer to: www.blackrock.com Mellon Capital Management Mellon Capital is part of BNY Mellon Asset Management North America, a specialist multi-asset investment management firm dedicated to serving sophisticated investors globally.

The firms provides clients with high-quality single and multi-asset investment solutions using both active and passive strategies. For detailed information please refer to: www.mcm.com/web/mcm Sumitomo Mitsui Trust Holdings, Inc With assets under management of USD 646 billion (as at the end of March, 2023), the Sumitomo Mitsui Trust Group (the “SuMi TRUST Group”) is Japan’s largest asset manager and custodian.

The firm has businesses in areas such as banking, asset management and administration, and real estate, providing solutions to both individual and corporate clients. For detailed information please refer to: www.smth.jp/en/

Source fold: oilfund.az Investments → Foreign managers. Verify against the live oilfund.az page or PDF before citing beyond this page.

Gold & real assets

Gold was enabled via Presidential Decree № 519 (27 October 2011) amending the foreign-currency asset Rules. Policy allows up to 35% (+4% deviation) in LBMA-compliant gold bars. Real estate was similarly enabled in 2011 with up to 10% of the portfolio; the Real Estate page describes private funds, co-investments, and direct assets in London, Moscow, Paris, Tokyo and previously Milan/Seoul (sold).

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Gold Gold For the purposes of diversification of the investment portfolio and increasing profitability of SOFAZ, "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" was amended in accordance with the Presidential Decree № 519 dated October 27, 2011.

According to the SOFAZ’s Investment Policy, SOFAZ can invest up to 35% of its investment portfolio, with a maximum upper deviation of 4% in gold. As of 30 June 2026, the gold sub-portfolio of SOFAZ amounted to 178.1 tons. The transfer of the purchased gold to Azerbaijan is conducted by UK’s Brink’s Global Services.

The purchased gold stored in the vault for storage of the valuables, built in the administrative building of SOFAZ. STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Real Estate Real Estate For the purposes of diversification of the investment portfolio and increasing profitability of SOFAZ, new investment policy was adopted in accordance with the amendments under the Presidential Decree № 519 dated October 27, 2011 made to "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan".

According to the new investment policy, SOFAZ can invest up to 10% of its investment portfolio in real estate. SOFAZ's real estate portfolio comprises investments in private real estate funds, co-investments, and direct investments. In 2012, SOFAZ made its foray into real estate market through direct property acquisitions.

SOFAZ has made investments in office and commercial complexes situated in several significant European cities, including London, Moscow, Paris, and Milan (real estate has been sold) as well as in Seoul (real estate has been sold) and Tokyo in Asia. Starting from 2015, SOFAZ has started investing in private real estate funds.

Fund investments constitute a substantial portion of the real estate portfolio. Information regarding direct investments in real estate: 78 St James’s Street, London, West End, UK: Office building SOFAZ made its first real estate investment, with the purchase of 78 St James’s Street, an office complex in London’s West End for GBP 177.4 million.

St James is a well-known prime location for exclusive office properties within London. 78 St James Street is located in one of the most prestigious parts of St James and is a Grade II listed building. 78 St James Street building was built in 1845 and was completely renovated in 2003 behind the historical facade and now corresponds to “A” class office building.

In order to secure more favorable lease terms, to build an additional floor , and meet the demands of the modern era, it was deemed appropriate to commence significant reconstruction works on the building in 2018. The renovations were successfully concluded in the first quarter of 2022, and the building is presently leased to multiple companies.

The total area of this prime asset is 11 018 square meters. 16 Tverskaya Street, Moscow, Russia: Gallery Actor, Mixed-use office and retail SOFAZ purchased of Gallery Actor, mixed-use office and retail complex located in Moscow central business district at 16 Tverskaya Street for USD 133 million.

Gallery Actor is located in historical centre of Moscow. Tverskaya Street is a prime location for exclusive hotel and office schemes as well as main Moscow street-retail destination where flagship stores of many international retailers are located. The asset is located at the intersection of Tverskaya Street and Strastnoy Boulevard, in close proximity to the Red Square and the Kremlin.

Actor Gallery was built in 1881 and was completely reconstructed in 1995 behind the historical façade. Tenants of the building include various government agencies, well known finance, insurance, consulting companies and an international brand. The total area of the asset is 18 075 square meters 8 Place Vendôme, Paris, France: Mixed-use office and retail SOFAZ has acquired a real estate complex situated at 8 Place Vendome in Paris, which comprises office and commercial facilities valued at 135 million euros.

SOFAZ has acquired the building as part of its strategy to build a diversified real estate portfolio comprised of high quality, prime assets in major cities of the world. Place Vendôme is the most prestigious square in Paris and is widely considered as the most prime location in the city.

Combining high-class offices and luxury retail brands, this micro market is highly sought after by national and international tenants and attracts prime rental levels. The elegant and distinctive architecture of the square is considered a masterpiece of French Classicism. 8 Place Vendôme offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950’s.

Constructed in 1712, the classic French Baroque mansion forms a part of the iconic Place Vendôme, which was built in honour of the King Louis XIV. The total area of this prime asset is 5,400 square meters and is let to various renowned financial services and legal firms. Tokyo, Japan: Kirarito Ginza SOFAZ made an investment in a landmark retail property Kirarito Ginza in Tokyo, Japan for JPY 52.3 billion.

Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area. The gross floor area (GFA) of the property is approximately 15,647 square meters.

Source fold: oilfund.az Gold + Real Estate pages. Verify against the live oilfund.az page or PDF before citing beyond this page.

Climate / ESG

SOFAZ’s ESG principles page frames ESG integration as part of safeguarding financial assets for future generations while maximizing risk-adjusted returns. Attribute climate/ESG claims only to oilfund.az primaries — do not invent exclusion lists or net-zero dates not published there.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Environmental, Social, and Governance (ESG) principles Environmental, Social, and Governance (ESG) principles INTEGRATING ESG PRINCIPLES INTO THE INVESTMENT PORTFOLIO Environmental, social, and governance (ESG) factors have become increasingly significant in the business and investment landscape due to recent trends such as global warming, resource scarcity, growing social inequality, and the shift towards improved corporate governance.

Experience shows that ESG integration not only helps companies comply with regulations addressing these issues but can also enhance long-term financial performance. These trends are reflected in the investment strategies of financial institutions, particularly sovereign wealth funds.

As guardians of national wealth, sovereign wealth funds are committed to supporting sustainable development, ensuring healthy financial growth, and managing state assets with social responsibility. As the State Oil Fund of the Republic of Azerbaijan, we recognize the importance of ESG principles and strive to integrate ESG into our investment portfolio as part of our mission and vision.

SOFAZ vision: “SOFAZ is committed to its mission of safeguarding the financial assets of future generations by diligently pursuing a long-term investment strategy. By adopting a systematic approach to Environmental, Social, and Governance (ESG) factors, we aim to both mitigate risks and identify investment opportunities that align with our overarching goal.

This approach, aligning with our focus on maximizing risk-adjusted returns, seeks to protect and enhance the real value of our assets, providing long-term security for the future.” Analyzing the ESG indicators for each asset type in SOFAZ's investment portfolio, we find that as of 2023, the ESG performance for fixed income assets and the equity portfolio demonstrated lower carbon emissions compared to the benchmark.

Additionally, in alignment with the UN Sustainable Development Goals, 61% of companies in the equity portfolio contributed positively to gender equality, 36% to economic development, and 35% to climate action. In the private equity portfolio, the transparency score was 72%, significantly higher than the market average of 9%.

Similarly, the real estate portfolio achieved a transparency score of 73%, compared to the sector average of 11%, indicating notably high transparency scores for both asset types. In advancing our goals, we are planning to integrate ESG principles into our private equity and real estate investments across three key areas.

Our strategy includes enhancing manager assessments by embedding ESG criteria into our scoring model, conducting thorough evaluations during the due diligence process for new investments using tailored ESG questionnaires, and implementing regular monitoring of existing investments within the SOFAZ portfolio.

ESG at SOFAZ – 2024 in Review STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Values Values Integrity We conduct our activity in accordance with the highest moral standards and ethical principles of society. We are honest and truthful in all our words and actions. Respect We thoughtfully and carefully consider individual differences and ideas of others by complying with the highest moral standards, ethical principles and professional standards of society.

Result-oriented Teamwork We aim at accomplishing concrete results with productive and sincere cooperation of the team. Responsible Initiative We boldly take responsibility and initiative in order to achieve the timely and quality execution of the tasks arising from the Fund’s objectives and mission.

Transparency and Accountability We deliver full, timely, accurate and up-to-date information to all stakeholders within the framework of our activities.

Source fold: oilfund.az ESG principles + Values. Verify against the live oilfund.az page or PDF before citing beyond this page.

Performance & reporting

Transparency stack on oilfund.az includes Recent figures, revenue/expenditure statements (quarterly/annual), Investment Results PDFs, Report archive, Budget information, and annual Investment Policy. FY2025 highlights: assets +22.5% to USD 73.5 bn; total revenues AZN 37.6 bn; expenditures AZN 14.6 bn; oil/gas sales revenues AZN 9.5 bn (highlights) with broader oil/gas agreement revenues AZN 10,266.3 mln; investment return 6.2%; state-budget transfer AZN 14.5 bn.

H1 2026 (to 30 June): assets USD 72.6 bn; total revenues AZN 8,531.3 mln; oil/gas AZN 4,953.4 mln (ACG AZN 4,374.9 mln; Shah Deniz AZN 437.1 mln); asset-management revenues AZN 3,577.9 mln; expenditures AZN 6,449.7 mln; state-budget transfer AZN 6,420.0 mln.

Q1 2026 narrative noted extra-budgetary revenues from gold prices and FX movements alongside a decline of AZN 741.1 mln in investment returns reflecting market-value changes — keep that wording attached to Q1, not H1.

Domestic allocations & transfers

Recent figures (30 June 2026) publish cumulative allocation lines (AZN millions), including transfers to the state budget AZN 176,832.9; improvement of social conditions of refugees and IDPs AZN 2,702.7; Southern Gas Corridor AZN 1,530.3; STAR Oil Refinery Complex AZN 1,663.3; Samur-Absheron irrigation AZN 1,469.6; Baku-Tbilisi-Kars railway AZN 748.6; Oguz-Qabala-Baku water AZN 779.6; BTC Main Export Pipeline AZN 297.9 (completed 2006); education state programmes; and other completed lines. These are expenditure/allocation tallies — distinct from the foreign-currency investment portfolio market value.

International relations & IFSWF

SOFAZ participates in the International Forum of Sovereign Wealth Funds. CEO Israfil Mammadov served as an IFSWF Board member (2019–2021) and, from 5 November 2024, as Deputy Chair of the IFSWF Board. Chronology notes SOFAZ hosted the 14th IFSWF Annual Meeting in Baku (14–17 November) under the title “Mobilising Capital for Change.” Santiago Principles self-assessment is referenced in chronology and international-relations navigation.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Chronology 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 • 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 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 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%).

Source fold: Chronology + CEO bio + official news (IFSWF / FII / CIC–INA partnership). Verify against the live oilfund.az page or PDF before citing beyond this page.

Controversies & debates

Official attributable first: SOFAZ’s own materials emphasise transparency awards (UN Public Service Award 2007; EITI Award 2009 for Azerbaijan’s EITI path) and publish detailed revenue, transfer, and investment figures. Fiscal-transfer dependence of the state budget on SOFAZ is an explicit, published feature of the mandate — not a hidden controversy.

Labelled research notes (not Instantiations CIO): The China–ASEAN Investment Program signing release (13 April 2026, carried on oilfund.az) names Farhad Zeynalov as SOFAZ CIO at the ceremony while Instantiations keeps CIO empty pending a Governance CIO page. Treat title attribution as release-specific.

Secondary press: Commodity-fund drawdowns, gold concentration, and Russia/Europe real-estate exposures appear in secondary commentary; prefer oilfund.az dated prints for AUM, gold tons, and property descriptions. Do not invent litigation or sanctions narratives not present in opened primaries.

Timeline (annotated official milestones)

• 20 Sep 1994 — Azeri-Chirag-Gunashli “Contract of the Century” PSA signed (History).
• 29 Dec 1999 — Presidential Decree establishes SOFAZ.
• 2001 — Asset management Rules (Decree No. 511, 19 Jun 2001) and early Supervisory Board / first audit milestones (Chronology).
• 2003+ — EITI participation path; SOFAZ assets surpass USD 1 billion (Chronology).
• 2007 — UN Public Service Award for transparency/accountability.
• 27 Oct 2011 — Decree № 519 enables gold and expands real-estate policy path.
• 2008–2013 — Israfil Mammadov serves as CIO; later Deputy CEO (2013–2019).
• 29 Nov 2019 — Israfil Mammadov appointed CEO; Supervisory Board composition approved 9 Dec 2019.
• 2 Mar 2020 — Rovshan Javadov appointed Deputy CEO (after CIO 2014–2020).
• 5 Nov 2024 — Israfil Mammadov becomes Deputy Chair of IFSWF Board.
• 2025 — Assets rise 22.5% to USD 73.5 bn; investment return 6.2%.
• 30 Jun 2026 — Assets USD 72.6 bn; gold sub-portfolio 178.1 tons.

Annex: AUM honesty

Re-state currency discipline. Instantiations previously showed ~US$62 bn (public estimate) — superseded by official oilfund.az USD prints. Always pair USD with as-of date; AZN parallels are official, not UAO conversions.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Recent figures Recent figures Information as of June 30 , 2026 SOFAZ’s assets: USD 72 596.6 mln Allocations: AZN 297.9 MLN. BTC Main Export Pipeline(Financing of the project was completed by SOFAZ in 2006) AZN 2 702.7 MLN. Improvement of social condition of refugees and IDPs(SOFAZ finances the project) AZN 779.6 MLN.

Oguz-Qabala-Baku water supply system(Financing of the project was completed by SOFAZ in 2011) AZN 1 469.6 MLN. Reconstruction of the Samur-Absheron irrigation system (Financing of the project was completed by SOFAZ) AZN 176 832.9 MLN. Transfers to the state budget AZN 90.0 MLN. Formation of the statutory capital of the State Investment Company (Financing of the project was completed by SOFAZ in 2006) AZN 748.6 MLN.

Baku-Tbilisi-Kars railway (Financing of the project was completed by SOFAZ) AZN 212.7 MLN. State Program on education of Azerbaijani youth abroad (Financing of the project was completed by SOFAZ) AZN 1 663.3 MLN. Construction of “STAR” Oil Refinery Complex (Financing of the project was completed by SOFAZ) AZN 87.6 MLN.

Repayment of SOCAR's share in the project on joint exploration and development of ACG oilfields(Financing of the project was completed by SOFAZ in 2007) AZN 1 530.3 MLN. Southern Gas Corridor(Financing of the project was completed by SOFAZ) AZN 119.1 MLN. State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023 AZN 196.1 MLN.

State Program for the education of young people at prestigious higher education institutions of foreign countries for 2022-2028 STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN SOFAZ revenue and expenditure Statement for January – December 2025 27 Jan 2026 10:13:00 SOFAZ revenue and expenditure Statement for January – December 2025 27 Jan 2026 10:13:00 Key highlights for the year 2025: SOFAZ's assets reached USD 73.5 billion, representing a 22.5% increase compared to the beginning of the year (USD 60 billion).

The Fund recorded total revenues of 37.6 billion manats, while expenditures stood at 14.6 billion manats. Oil and gas revenues from sales of hydrocarbons amounted to 9.5 billion manats. SOFAZ recorded an investment return of 6.2%, resulting in return of 6.9 billion manats (USD 4 billion).

SOFAZ transferred 14.5 billion manats to the state budget. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that as of December 31, 2025, SOFAZ's assets increased by 22.5% totaling 73 541.5 million US dollars (125 020.5 million manats), compared to 60 031.4 million US dollars (102 053.3 million manats) at the beginning of the year 2025.

During the period from January to December 2025, SOFAZ’s total revenues amounted to 37 594.4 million manats. Budget revenues reached 17 160.4 million manats, while extra-budgetary revenues arising from changes in foreign exchange rates and gold prices amounted to 20 434.0 million manats.

Budget expenditures for the reporting period totaled 14 627.2 million manats. Budget revenues: Oil and gas revenues. SOFAZ's revenue from oil and gas agreements totaled 10 266.3 million manats, consisting of: 9 497.0 million manats from the sale of oil and gas, 765.7 million manats from bonus payments and transit revenues, 3.6 million manats from acreage fee.

It should be noted that during the reporting period, SOFAZ received 8 292.9 million manats from the Azeri-Chirag-Gunashli field and 958.8 million manats from the Shah Deniz field (gas and condensate). SOFAZ recorded an investment return of 6.2%, resulting in return of 6 894.1 million manats.

Budget expenditures: Transfer to the State budget. Within the framework of the 2025 SOFAZ budget implementation, a total of 14 481.0 million manats were transferred into the state budget during the reporting period. In January-December 2025, 105.5 million manats were allocated to the following ongoing projects: 18.6 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," 86.9 million manats were allocated for the "State Program for the Education of Youth at Prestigious Universities of Foreign Countries for 2022-2028." Operational expenditures.

The operational expenditures of SOFAZ amounted to 40.7 million manats for the reporting period. Current state of financial markets and its impact on the portfolio During 2025, trends in the financial markets had a positive impact on the assets of SOFAZ. Due to the relatively weakening labor market and inflationary pressures expected from newly introduced tariffs not materializing in the United States, as well as the continuation of accommodative monetary policy in the Eurozone and mainly the weakening of the labor market in the United Kingdom, central banks reduced their policy interest rates.

Source fold: Recent figures + FY2025/Q1/H1 statements. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: CEO biography

Official CEO page fold for Israfil Mammadov — education, languages, and work history as published.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN CEO - Israfil Mammadov CEO - Israfil Mammadov Date of birth 26.07.1973 Education 1990 - 1995 - graduated from the School of International Economic Relations of Moscow State Institute of International Relations with the degree in Economics.

2017 - School of Business, Stanford University, Specialization program in Management 2017 - School of Management, Yale University, Specialization program in Management 2018 - Harvard University, Business School, Specialization program in Management Foreign languages English, Arabic, Russian.

Marital status Married with three children. Work experience 1995 - 1996 - worked at the Department of International Economic Relations in the Ministry of Foreign Affairs of the Republic of Azerbaijan. 1996-2008 - Country Manager of the State Oil Company of the Republic of Azerbaijan in Great Britain and Northern Ireland 2008 - 2013 - Chief Investment Officer, the State Oil Fund of the Republic of Azerbaijan.

2013-2019 - Deputy CEO of the State Oil Fund of the Republic of Azerbaijan. 29 November 2019 - appointed as CEO of the State Oil Fund of the Republic of Azerbaijan by the Presidential Decree. 2019-present - Member of the Supervisory Board of Southern Gas Corridor JSC. 2019-2021 - Board member of the International Forum of Sovereign Wealth Funds.

2019-2020 - Member of the Financial Stability Board. 9 September 2020-present - Member of the Economic Council of the Republic of Azerbaijan 23 January 2021-present - Member of the Supervisory Board of SOCAR. 03 February 2021-present - Member of the Commission on preparation of "Socio-economic Development Strategy in 2021-2025" 5 November 2024-present - Deputy Chair of the Board of the International Forum of Sovereign Wealth Funds.

Source fold: oilfund.az Governance → CEO. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Deputy CEO

Official Deputy CEO page fold for Rovshan Javadov, including prior CIO tenure 2014–2020.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Deputy CEO - Rovshan Javadov Deputy CEO - Rovshan Javadov Date of birth 12.10.1983 Education 2000 - 2004 - Azerbaijan State Economic University, Faculty of International Economic Relations 2004-2005 - Clark University, Master's in Finance 2014 - Harvard University, Business School, Specialization program in Investment Management 2018 - School of Business, Stanford University, Specialization program in Management Foreign languages English, Russian Marital status Married with two children Work experience 2006 - 2009 - worked on various positions at the Investment Department of SOFAZ 2009-2014 - worked as a Deputy Chief Investment Officer of SOFAZ 2014-2020 - worked as a Chief Investment Officer of SOFAZ March 02,2020 - appointed as Deputy CEO of the State Oil Fund of the Republic of Azerbaijan by the Presidential Order.

Source fold: oilfund.az Governance → Deputy CEO. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Supervisory Board

Supervisory Board roster and oversight language as published.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Supervisory Board Supervisory Board Activities of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in the field of assets accumulation and spending are overseen by a Supervisory Board. The Board is to review Fund's draft annual budget, annual report and financial statements along with auditor's opinion and provide its comments.

Members of the Supervisory Board are appointed by the President of Azerbaijan. Seven members of the Supervisory Board were appointed in accordance with the Presidential Decree dated December 9, 2019. Members of the Supervisory Board Ali Asadov Prime Minister of the Republic of Azerbaijan Musa Gasimli Deputy Speaker of the Milli Majlis of the Republic of Azerbaijan Shahmar Movsumov Assistant to the President of the Republic of Azerbaijan - Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration Natig Amirov Assistant to the President of the Republic of Azerbaijan - Head of the Department of Economic Policy and Industrial Issues Sahil Babayev Minister of Finance of the Republic of Azerbaijan Mikayil Jabbarov Minister of the Economy of the Republic of Azerbaijan Taleh Kazimov Chairman of Central Bank of the Republic of Azerbaijan STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN General information General information SOFAZ is accountable and bears responsibility before the President of the Republic of Azerbaijan.

The Supervisory Board oversees SOFAZ's activities. The Board reviews SOFAZ's draft annual budget, annual report, and financial statements along with independent auditor's opinion and provides its comments. The Supervisory Board consists of representatives of executive and legislative powers, including ministers and members of the Parliament.

The Supervisory Board's new composition – consisting of seven members – was approved by the President of the Republic of Azerbaijan Ilham Aliyev on December 9, 2019. The Executive Director manages the activities of SOFAZ. The Executive Director is appointed and dismissed by the President of the Republic of Azerbaijan.

SOFAZ's Executive Director has the following authority: Representing the Fund Carrying out operational management of the activities Appointing and dismissing employees according to the legislation Ensuring the management and investment of the Fund's assets under the Guidelines approved by the President of the Republic of Azerbaijan.

The Deputy CEO is appointed and dismissed by the President of the Republic of Azerbaijan and accomplishes tasks assigned by the Executive Director and bears personal responsibility. SOFAZ implements its budget execution according to the Fund's annual budget (commented by the Supervisory Board and approved by respective Ordinances of the President of the Republic of Azerbaijan), the Program on the main utilization directions of the Fund's assets and annual expenditure estimates.

SOFAZ manages its assets under the "Asset Management Rules (Guidelines) for the State Oil Fund of the Republic of Azerbaijan".

Source fold: Supervisory Board + Governance general information. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Investment Policy 2026 folds

Extended fold of the 2026 Investment Policy page: expenditure directions, SAA bands, benchmarks, risk and external-manager limits.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Investment policy Investment policy 1. Main directions of expenditures of the assets of the State Oil Fund of the Republic of Azerbaijan (hereinafter -SOFAZ) 1.1. Upper limit of transfers to 2025 the state budget of the Republic of Azerbaijan; 1.2.

Financing of the “State Program on strengthening international competitiveness of the higher education system in the Republic of Azerbaijan for 2019-2023”; 1.3. Funding of the "State Program for the education of young people at prestigious higher education institutions of foreign countries for 2022-2028" approved by Order No.

3163 of the President of the Republic of Azerbaijan on February 28, 2022. Financing of the implementation of international dual degree programs in accordance with Presidential Order No. 673 dated July 22, 2025 “On additional measures related to increasing the international competitiveness of the higher education system in the Republic of Azerbaijan”; 1.5.

Financing of the measures envisaged in Part 1 of Presidential Order No. 836 dated December 5, 2025 “On additional measures related to strengthening the capacity of the vocational education system. Investment Policy of SOFAZ for 2026 2.1 The objective of the Investment Policy of SOFAZ 2.1.1.

In 2026 – SOFAZ will implement an investment policy aimed at maximizing returns while minimizing the probability of substantial losses 2.2. Forecasted size of the investment portfolio of SOFAZ 2.2.1.1. The total projected value (weighted average size) of SOFAZ’s investment portfolio for 2026 is anticipated to be USD 64.8 billion.

The currency composition and allocation of the investment portfolio: 2.2.2.1. USD is the base currency of the investment portfolio. A minimum of 85% of the investment portfolio value shall be invested in assets denominated in USD, EUR, and GBP, subject to annual review by the Supervisory Board.

Sub-portfolios of the investment portfolio 2.2.3.1. Investment portfolio of SOFAZ consists of the following Sub-portfolios: 2.2.3.1.1. Fixed Income Sub-portfolio - minimum 30% of the portfolio, with a maximum lower deviation of 10%. Equity Sub-portfolio- up to 25% of the portfolio, with a maximum upper deviation of 3%.

Real Assets Sub-portfolio- up to 10% of the portfolio, with a maximum upper deviation of 3%. Gold Sub-portfolio- up to 35% of the portfolio, with a maximum upper deviation of 4%. Composition of the Sub-Portfolios of the Investment Portfolio 2.2.3.2.1. The Fund’s Fixed Income Sub-Portfolio consists of money market instruments, deposits with central (national) banks, and debt instruments; 2.2.3.2.2.

The Equity Sub-Portfolio consists exclusively of equities included in internationally reputable stock market indices, as well as participation interests in equity funds, including collective investment schemes, that invest in equities and in debt instruments without a credit rating, provided that their maximum volume does not exceed 7 percent of the total value of the investment portfolio; 2.2.3.2.3.

The Real Assets Sub-Portfolio consists solely of participation interests in funds and collective investment schemes that invest in real estate, infrastructure, and in debt instruments related to real estate and infrastructure that do not have a credit rating, including direct investments in real estate; 2.2.3.2.4.

The Gold Sub-Portfolio consists exclusively of gold bars that comply with the requirements applied by the London Bullion Market Association (LBMA); 2.2.4. Target Return of the Investment Portfolio 2.2.4.1. The target return (benchmark) for the management of the Fund’s Fixed Income Sub-Portfolio shall be based on the relevant currency-denominated ICE BofA Fixed Income Indices; 2.2.4.2.

The target return (benchmark) for the Equity Sub-Portfolio shall be based on the MSCI Stock Market Indices; 2.2.4.3. Pursuant to Clause 4.2 of the Rules on the Safekeeping, Placement, and Management of the Foreign Currency Assets of the State Oil Fund of the Republic of Azerbaijan, approved by Decree No.

511 of the President of the Republic of Azerbaijan dated 19 June 2001 (hereinafter referred to as the “Rules”), no target return (benchmark) shall be applied to the Gold Sub-Portfolio. Risk management requirements of the investment portfolio 2.3.1. The weighted average duration of the debt instruments sub-portfolio shall be determined based on current global market conditions and may deviate from the respective benchmark duration by no more than six months.

Excluding depositary banks and sovereign debt obligations of benchmark-listed countries, the maximum exposure to a single financial institution or investment asset shall not exceed 10 percent of the total value of the investment portfolio; 2.3.2.2. Credit rating requirements for investment assets in which SOFAZ’s foreign currency assets are placed shall be determined in accordance with the Rules; 2.3.2.2.1.

Assets included in SOFAZ’s investment portfolio as a result of investments made for the purpose of implementing measures envisaged by acts of the President of the Republic of Azerbaijan shall not be subject to the 5 percent upper limit on allocations to non-investment-grade debt obligations or money market instruments set out in Paragraph 3.3.1.7 of the Rules.

Liquidity of the SOFAZ’s assets should be at a sufficient level to ensure full and timely execution of planned cash and other transfers related to budgetary expenditures of SOFAZ. To fulfil this at least USD 100 million (minimum liquidity level) must be held in highly liquid short-term money market instruments.

The shortage in minimum liquidity level should not exceed more than 7 (seven) business days. Requirements with respect to external managers 2.3.4.1. The external manager or its parent company must hold a credit rating at or above investment grade from a recognized international rating agency (Standard & Poor’s, Fitch, or Moody’s).

Alternatively, the manager must have at least five years of successful asset management experience or expertise in managing assets valued at no less than USD 1 billion. The total volume of funds allocated to external managers must not exceed 60% of the overall investment portfolio.

The maximum amount allocated to any single external manager must not exceed 5% of investment portfolio. The investment mandate and duration of engagement for external managers involved in the management of assets of SOFAZ must be specified in the agreements signed between the Fund and the respective managers.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN General information General information The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) are managed in accordance with the Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" approved by Presidential Decree No.

Source fold: Investment Policy 2026 + Investments general information. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Asset management rules

Fold from the Asset Management Rules PDF (Presidential Decree No. 511 and amendments through 2024).

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Including the addendums and amendments according to the Decrees of the President of the Republic of Azerbaijan № 607 dated December 21, 2001, № 202 dated March 1, 2005, № 216 dated February 10, 2010, № 519 dated October 27, 2011, № 1376 dated May 12, 2017, № 450 dated 30 December 2018 and dated 28 December 2024.

These Rules are prepared in accordance with the “Statute of the State Oil Fund of the Republic of Azerbaijan” approved by the Decree of the President of the Republic of Azerbaijan № 434 dated December 29, 2000 and determine the arrangements for allocation and management of the foreign currency assets of the State Oil Fund of the Republic of Azerbaijan (hereinafter referred to as the Oil Fund).

The purpose of management of the Oil Fund’s foreign currency assets in accordance with these Rules is to hold those assets securely and increase their value by means of efficient management. For the objectives of these Rules, the term “foreign currency assets of the Oil Fund” (Investment Portfolio) should mean reserves denominated in foreign currency, except for converted and transferred to manat accounts expenditures approved within the framework of the main directions (program) of utilization of the Oil Fund’s assets and expenditures related to the management of the Oil Fund.

The total value (weighted average size) of the investment portfolio is determined on the basis of the monthly revaluation of assets included in the Oil Fund’s investment portfolio. CREDIT QUALITY AND CURRENCY COMPOSITION REQUIREMENTS FOR THE INVESTMENT PORTFOLIO OF THE OIL FUND 2.1.

Credit quality requirements for the Investment Portfolio of the Oil Fund 2.1.1. Correspondent accounts of the Oil Fund for foreign currency assets in the Republic of Azerbaijan should only be opened at the Central Bank of the Republic of Azerbaijan. Correspondent accounts of the Oil Fund outside the Republic of Azerbaijan (abroad) should be opened at the banks with a long-term credit rating of not less than: “A-” based on Standard & Poor`s and Fitch’s credit rating scale “A3” based on Moody`s credit rating scale The threshold credit rating for foreign correspondent banks is: “A-” based on Standard & Poor`s and Fitch’s credit rating scale “A3” based on Moody`s credit rating scale In the event, the long-term credit rating of an abovementioned bank is downgraded and below threshold level, the Oil Fund will initiate a transfer of the Oil Fund’s assets to another bank with a long-term credit rating consistent with threshold requirements within a reasonable period of time.

The counterparties of the Oil Fund in the international financial markets should be commercial banks and other financial institutions with long-term investment grade credit ratings (Standard & Poor’s, Fitch or Moody’s). The counterparties in the domestic financial market should be amongst the largest commercial banks by the level of capital or the most reputable ones based on their credit rating.

Maximum capital, allocated to those banks should not exceed 5% of the total value. Custodian (depositary) services for securities are provided to the Oil Fund by central (national) banks, commercial banks and other financial institutions with long-term credit ratings of not less than: “A-” based on Standard & Poor’s and Fitch credit rating scale “A3“ based on Moody`s credit rating scale The threshold credit rating for financial institutions providing custodian services to the Oil Fund is: “A-” based on Standard & Poor’s and Fitch credit rating scale “A3“ based on Moody`s credit rating scale In the event, the long-term credit rating of such an institution is downgraded and below the threshold level for more than 60 calendar days, the Oil Fund will substitute it for other banks or financial institutions with a long-term credit rating consistent with threshold requirements within a reasonable period of time.

Holding or placement of foreign currency assets of the Oil Fund is carried out on the basis of appropriate contracts. If the credit rating of the assets included in the Investment Portfolio or of the banks and other financial institutions where foreign currency assets of the Oil Fund are placed, is downgraded and continuously remains below the appropriate rating considered by these Rules for more than 90 calendar days, the Oil Fund will transfer those foreign currency assets to institution with an appropriate rating that comply with the requirements of these Rules, or remove (sell, exchange and etc.) the asset from the portfolio, as applicable.

In accordance with the instances mentioned in the eighth subparagraph of paragraph 3.3 of these Rules, counterpart banks and other financial institutions in international financial markets that provide depository services, where foreign currency assets of the Oil Fund are placed, may have non-investment grade credit rating (not less than B-” (Standard & Poor`s, Fitch) or B3” (Moody`s)).

MANAGEMENT OF THE OIL FUND’S INVESTMENT PORTFOLIO 3.1. Management of the Oil Fund’s Investment Portfolio should be implemented in accordance with its investment policy adopted each year. The investment policy of the Oil Fund is to be prepared by the Executive Director of the Oil Fund in a manner that complies with the program on the main directions of utilization of the assets of the State Oil Fund and submitted to the President of Republic of Azerbaijan for approval along with the opinion of the Supervisory Board.

Financial institutions that are qualified as investment managers (hereinafter, external managers) may be involved in the management of a certain part of the Investment Portfolio of the Oil Fund (hereafter, externally managed portfolio). Requirements for external managers and size of managed portfolio are defined in Oil Fund’s Investment policy.

The following general principles and directions of the Investment Portfolio management should be reflected in the Oil Fund’s investment policy: • The forecasted size of the Investment Portfolio; • The composition and breakdown of Investment Portfolio by asset classes and currencies; • Investment Portfolio benchmarks and target returns; • Requirements for risk management of the Investment Portfolio.

• If external managers are engaged to manage the Oil Fund's investment portfolio, the requirements for such managers should specify the portion of the portfolio to be entrusted to their management and the duration of the management period. The Executive Director of the Oil Fund defines the internal procedures of the Oil Fund and makes arrangements for the allocation and management of the foreign currency assets of the Oil Fund in accordance with the investment policy of the Oil Fund and these Rules.

Division of activities and responsibilities, internal controls and accurate accounting systems should be applied, in order to minimize operational risks associated with Investment Portfolio. Deal execution, confirmation (cancellation) and settlement as well as accounting and reporting operations associated with the aforementioned activities, should be implemented by the relevant departments or officials of the Oil Fund with clear division of the responsibilities.

The Oil Fund should have internal controls for adhering to these Rules, insuring proper division of responsibilities, and implementing operational procedures. The professional behavior of the officials and employees of the Oil Fund should comply with ethical norms and rules of the International Financial Markets Association (ACI, Paris) and in no case may personal interest be in a conflict with duty to the Oil Fund.

Risk management In order to mitigate the risks in the management of the Oil Fund’s foreign currency assets, limits are defined in the investment policy of the Oil Fund based on the following criteria: Credit risk - i.e. the maximum weight that can be allocated to one issuer and/or holding, and the credit rating threshold for an issuer and/or holding; Liquidity risk - i.e.

minimum liquidity for specific periods; Market risk (currency and interest rate risk) as well as the maximum weight of each currency included in the Investment Portfolio and the investment assets denominated in these currencies and the calculation of the weighted average duration of the respective sub-portfolio.

Allocation of foreign currency assets (investment directions) 3.3.1. By not prejudicing items 2.1 and 3.4 of these Rules, Oil Fund’s Investment Portfolio, which is divided into corresponding sub-portfolios in accordance with the Oil Fund’s Investment Policy, may include the following assets: 3.3.1.1.

Source fold: Rules PDF oilfund.az/storage/images/f9yih47rw0.pdf. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: FY2025 revenue and expenditure statement

Full highlights and narrative from the 27 January 2026 FY2025 statement.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN SOFAZ revenue and expenditure Statement for January – December 2025 27 Jan 2026 10:13:00 SOFAZ revenue and expenditure Statement for January – December 2025 27 Jan 2026 10:13:00 Key highlights for the year 2025: SOFAZ's assets reached USD 73.5 billion, representing a 22.5% increase compared to the beginning of the year (USD 60 billion).

The Fund recorded total revenues of 37.6 billion manats, while expenditures stood at 14.6 billion manats. Oil and gas revenues from sales of hydrocarbons amounted to 9.5 billion manats. SOFAZ recorded an investment return of 6.2%, resulting in return of 6.9 billion manats (USD 4 billion).

SOFAZ transferred 14.5 billion manats to the state budget. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that as of December 31, 2025, SOFAZ's assets increased by 22.5% totaling 73 541.5 million US dollars (125 020.5 million manats), compared to 60 031.4 million US dollars (102 053.3 million manats) at the beginning of the year 2025.

During the period from January to December 2025, SOFAZ’s total revenues amounted to 37 594.4 million manats. Budget revenues reached 17 160.4 million manats, while extra-budgetary revenues arising from changes in foreign exchange rates and gold prices amounted to 20 434.0 million manats.

Budget expenditures for the reporting period totaled 14 627.2 million manats. Budget revenues: Oil and gas revenues. SOFAZ's revenue from oil and gas agreements totaled 10 266.3 million manats, consisting of: 9 497.0 million manats from the sale of oil and gas, 765.7 million manats from bonus payments and transit revenues, 3.6 million manats from acreage fee.

It should be noted that during the reporting period, SOFAZ received 8 292.9 million manats from the Azeri-Chirag-Gunashli field and 958.8 million manats from the Shah Deniz field (gas and condensate). SOFAZ recorded an investment return of 6.2%, resulting in return of 6 894.1 million manats.

Budget expenditures: Transfer to the State budget. Within the framework of the 2025 SOFAZ budget implementation, a total of 14 481.0 million manats were transferred into the state budget during the reporting period. In January-December 2025, 105.5 million manats were allocated to the following ongoing projects: 18.6 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," 86.9 million manats were allocated for the "State Program for the Education of Youth at Prestigious Universities of Foreign Countries for 2022-2028." Operational expenditures.

The operational expenditures of SOFAZ amounted to 40.7 million manats for the reporting period. Current state of financial markets and its impact on the portfolio During 2025, trends in the financial markets had a positive impact on the assets of SOFAZ. Due to the relatively weakening labor market and inflationary pressures expected from newly introduced tariffs not materializing in the United States, as well as the continuation of accommodative monetary policy in the Eurozone and mainly the weakening of the labor market in the United Kingdom, central banks reduced their policy interest rates.

These developments, in turn, contributed positively towards fixed income sub-portfolio performance. At the same time, relatively elevated interest rates have remained the major source of SOFAZ’s fixed-income return. SOFAZ’s equity investments also generated positive returns during the year.

Overall resilience in companies’ earnings, advances in the technology sector, including artificial intelligence, as well as interest rate cuts by leading central banks supported market performance. Over the past year, returns on real assets investments varied across sectors. Despite continued pressures in the office sector, strong demand for logistics, residential real estate, and infrastructure assets supported stable returns in these sectors.

As a result, SOFAZ’s real assets sub-portfolio generated positive returns in 2025. Amid central bank purchases, ongoing uncertainties, and geopolitical risks, gold prices rose significantly during the year, reaching record-high levels. As a result, substantial extra-budgetary revenues were generated from SOFAZ’s gold sub-portfolio.

Source fold: News archive 1759. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: H1 2026 revenue and expenditure statement

H1 2026 statement fold (assets USD 72.6 bn as of 30 June 2026).

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN SOFAZ revenue and expenditure Statement for January – June 2026 23 Jul 2026 12:44:00 SOFAZ revenue and expenditure Statement for January – June 2026 23 Jul 2026 12:44:00 Key highlights for the first six months of 2026: SOFAZ’s total assets stood at USD 72.6 billion (123 billion manats).

Revenues generated from asset management activities totaled 3.6 billion manats. Oil and gas revenues from sales of hydrocarbons amounted to 4.9 billion manats. SOFAZ transferred 6.4 billion manats to the state budget. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that its assets amounted to USD 73 542 million (125 021 million manats) at the beginning of 2026 and stood at USD 72 596 million (123 414 million manats) as of June 30, 2026.

During the period from January to June 2026, SOFAZ’s total revenues amounted to 8 531.3 million manats. The Fund's oil and gas revenues amounted to 4 953.4 million manats. Total revenues generated from asset management activities reached 3 577.9 million manats. Budget expenditures for the reporting period totalled 6 449.7 million manats.

Oil and gas revenues: SOFAZ's revenue from oil and gas agreements totaled 4 953.4 million manats, consisting of: 4 947.6 million manats from the sale of oil and gas, 0.9 million manats from bonus payments and transit revenues, 4.9 million manats from acreage fees It should be noted that during the reporting period, SOFAZ received 4 374.9 million manats from the Azeri-Chirag-Gunashli field and 437.1 million manats from the Shah Deniz field (gas and condensate) Budget expenditures: Transfer to the State budget.

Within the framework of the 2026 SOFAZ budget implementation, a total of 6 420.0 million manats were transferred into the state budget during the reporting period. In January-June 2026, 14.3 million manats were allocated to the following ongoing projects: 2.1 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," 12.3 million manats were allocated for the "State Program for the Education of Youth at Prestigious Universities of Foreign Countries for 2022-2028." Operational expenditures.

The operational expenditures of SOFAZ amounted to 15.4 million manats for the reporting period. Extrabudgetary expenditures During the reporting period, extrabudgetary expenditures arising from changes in gold prices and foreign exchange rates amounted to 3 688.1 million manats. Current state of financial markets and its impact on the portfolio Global financial and energy markets experienced high volatility during the first quarter of 2026, dominated by the outbreak of the US-Iran conflict, which reverberated across all asset classes.

During the second quarter, positive returns were generated on the bond portfolio and equities, while gold made a negative contribution to total funds under management. Government bond yields declined in the first quarter as investors sought safety, supporting bond prices. This reversed sharply from late in the first quarter onward as surging oil prices reignited inflation expectations, driving yields higher across advanced markets.

European markets bore the brunt of energy-driven inflation dynamics, while the USD-denominated debt portfolio demonstrated relative resilience throughout the period. Global equity markets performed well early in the first quarter before declining through the remainder of the first quarter as the Iran conflict escalated and geopolitical risk premiums rose.

Markets staged a powerful recovery in the second quarter, which is the best quarter for stocks since 2020, driven by the AI investment theme and easing oil prices following ceasefire hopes. Late in the second quarter brought renewed volatility as concerns over stretched technology valuations triggered a fresh selloff in semiconductor stocks.

Gold surged through the first quarter, driven by US dollar weakness, concerns over Federal Reserve independence, and a structural investor shift away from sovereign bonds and currencies into hard assets. Prices fell sharply late in the first quarter and continued declining through the second quarter as real yields climbed.

Source fold: News archive 1771. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Investment Results 2025

Investment Results for 2025 PDF text fold: asset path, currency mix, asset-class weights, returns contribution language.

INVESTMENT RESULTS FOR 2025 31.12.2025 31.12.2025 Change dynamic in SOFAZ’s assets 61.7 62.3 62.7 65.4 65.7 66.5 66.2 67.2 70.2 71.1 72.2 73.5 BLN. USD 80 70 60 50 40 30 20 10 0 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER SOFAZ’s assets by the end of 2025: 73 541 mln.

USD SOFAZ’s assets in the beginning of 2025: 60 031 mln. USD Change in assets for 2025: 13 510 mln. USD *Including the funds in SOFAZ’s manat accounts 31.12.2025 SOFAZ’s portfolio breakdown by foreign currencies Total investment portfolio: $73 539.7 mln 3.7% 70.4% 1.3% 2.2% 4.9% 17.5% US Dollar*: $51 772.4 million Euro: €10 926.5 million British Pound Sterling: £2 659.3 million Chinese Yuan: CNY 11 447.5 million Japanese Yen: JPY 150 938.9 million Other Currencies: $2 703.0 million *This figure includes gold investments worth USD 28 063.2 million (38.2%) 31.12.2025 SOFAZ’s porfolio breakdown by asset class 29.8% 25.6% Fixed income Equities and money market instruments 38.2% 6.4% Gold Real estate (200.0 TONS) and infrastructure 31.12.2025 Fixed income and money market instruments portfolio by credit rating 0.9% 21.3% NON-INVESTMENT AAA GRADE 12.9% BBB 26.7% A 38.2% AA 31.12.2025 SOFAZ's bond and money market instruments portfolio by maturity 26.1% 12.7% OVER 5 0-1 YEAR YEARS 29.1% 32.2% 3-5 YEARS 1-3 YEARS 31.12.2025 SOFAZ's investment portfolio by geographical regions 23.9% 8.0% NORTH ASIA AMERICA 25.9% EUROPE 1.4% MIDDLE EAST 0.0%* 0.1% AFRICA 0.9% SOUTH AUSTRALIA/ AMERICA NEW ZEALAND INTERNATIONAL FINANCIAL GOLD ORGANIZATIONS 38.2% 1.6% *African investments accounted for 0.02%.

31.12.2025 SOFAZ’s 2025 investment portfolio return and contribution Investment 6.2% portfolio Fixed 1.8% income Equities 4.3% Real 0.1% Assets 0 1 2 3 4 5 6

Source fold: Investment Results 2025 PDF. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Real estate holdings

Direct property descriptions as published (London St James’s, Moscow Tverskaya, Paris Place Vendôme, Tokyo Kirarito Ginza, and sold assets).

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Real Estate Real Estate For the purposes of diversification of the investment portfolio and increasing profitability of SOFAZ, new investment policy was adopted in accordance with the amendments under the Presidential Decree № 519 dated October 27, 2011 made to "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan".

According to the new investment policy, SOFAZ can invest up to 10% of its investment portfolio in real estate. SOFAZ's real estate portfolio comprises investments in private real estate funds, co-investments, and direct investments. In 2012, SOFAZ made its foray into real estate market through direct property acquisitions.

SOFAZ has made investments in office and commercial complexes situated in several significant European cities, including London, Moscow, Paris, and Milan (real estate has been sold) as well as in Seoul (real estate has been sold) and Tokyo in Asia. Starting from 2015, SOFAZ has started investing in private real estate funds.

Fund investments constitute a substantial portion of the real estate portfolio. Information regarding direct investments in real estate: 78 St James’s Street, London, West End, UK: Office building SOFAZ made its first real estate investment, with the purchase of 78 St James’s Street, an office complex in London’s West End for GBP 177.4 million.

St James is a well-known prime location for exclusive office properties within London. 78 St James Street is located in one of the most prestigious parts of St James and is a Grade II listed building. 78 St James Street building was built in 1845 and was completely renovated in 2003 behind the historical facade and now corresponds to “A” class office building.

In order to secure more favorable lease terms, to build an additional floor , and meet the demands of the modern era, it was deemed appropriate to commence significant reconstruction works on the building in 2018. The renovations were successfully concluded in the first quarter of 2022, and the building is presently leased to multiple companies.

The total area of this prime asset is 11 018 square meters. 16 Tverskaya Street, Moscow, Russia: Gallery Actor, Mixed-use office and retail SOFAZ purchased of Gallery Actor, mixed-use office and retail complex located in Moscow central business district at 16 Tverskaya Street for USD 133 million.

Gallery Actor is located in historical centre of Moscow. Tverskaya Street is a prime location for exclusive hotel and office schemes as well as main Moscow street-retail destination where flagship stores of many international retailers are located. The asset is located at the intersection of Tverskaya Street and Strastnoy Boulevard, in close proximity to the Red Square and the Kremlin.

Actor Gallery was built in 1881 and was completely reconstructed in 1995 behind the historical façade. Tenants of the building include various government agencies, well known finance, insurance, consulting companies and an international brand. The total area of the asset is 18 075 square meters 8 Place Vendôme, Paris, France: Mixed-use office and retail SOFAZ has acquired a real estate complex situated at 8 Place Vendome in Paris, which comprises office and commercial facilities valued at 135 million euros.

SOFAZ has acquired the building as part of its strategy to build a diversified real estate portfolio comprised of high quality, prime assets in major cities of the world. Place Vendôme is the most prestigious square in Paris and is widely considered as the most prime location in the city.

Combining high-class offices and luxury retail brands, this micro market is highly sought after by national and international tenants and attracts prime rental levels. The elegant and distinctive architecture of the square is considered a masterpiece of French Classicism. 8 Place Vendôme offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950’s.

Constructed in 1712, the classic French Baroque mansion forms a part of the iconic Place Vendôme, which was built in honour of the King Louis XIV. The total area of this prime asset is 5,400 square meters and is let to various renowned financial services and legal firms. Tokyo, Japan: Kirarito Ginza SOFAZ made an investment in a landmark retail property Kirarito Ginza in Tokyo, Japan for JPY 52.3 billion.

Kirarito Ginza is located in Chou Avenue, Ginza, which is the most prestigious retail location in Japan. The property was built in 2014 and is one of the very few trophy assets recently completed in Ginza area. The gross floor area (GFA) of the property is approximately 15,647 square meters.

Source fold: Real Estate page. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Gold programme

Gold policy limits, YE2025 vs 30 Jun 2026 tonnage, storage note (Brink’s / SOFAZ vault).

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Gold Gold For the purposes of diversification of the investment portfolio and increasing profitability of SOFAZ, "Rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan" was amended in accordance with the Presidential Decree № 519 dated October 27, 2011.

According to the SOFAZ’s Investment Policy, SOFAZ can invest up to 35% of its investment portfolio, with a maximum upper deviation of 4% in gold. As of 30 June 2026, the gold sub-portfolio of SOFAZ amounted to 178.1 tons. The transfer of the purchased gold to Azerbaijan is conducted by UK’s Brink’s Global Services.

The purchased gold stored in the vault for storage of the valuables, built in the administrative building of SOFAZ.

Source fold: Gold page. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: ESG principles

Extended ESG vision and 2023 indicator language.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Environmental, Social, and Governance (ESG) principles Environmental, Social, and Governance (ESG) principles INTEGRATING ESG PRINCIPLES INTO THE INVESTMENT PORTFOLIO Environmental, social, and governance (ESG) factors have become increasingly significant in the business and investment landscape due to recent trends such as global warming, resource scarcity, growing social inequality, and the shift towards improved corporate governance.

Experience shows that ESG integration not only helps companies comply with regulations addressing these issues but can also enhance long-term financial performance. These trends are reflected in the investment strategies of financial institutions, particularly sovereign wealth funds.

As guardians of national wealth, sovereign wealth funds are committed to supporting sustainable development, ensuring healthy financial growth, and managing state assets with social responsibility. As the State Oil Fund of the Republic of Azerbaijan, we recognize the importance of ESG principles and strive to integrate ESG into our investment portfolio as part of our mission and vision.

SOFAZ vision: “SOFAZ is committed to its mission of safeguarding the financial assets of future generations by diligently pursuing a long-term investment strategy. By adopting a systematic approach to Environmental, Social, and Governance (ESG) factors, we aim to both mitigate risks and identify investment opportunities that align with our overarching goal.

This approach, aligning with our focus on maximizing risk-adjusted returns, seeks to protect and enhance the real value of our assets, providing long-term security for the future.” Analyzing the ESG indicators for each asset type in SOFAZ's investment portfolio, we find that as of 2023, the ESG performance for fixed income assets and the equity portfolio demonstrated lower carbon emissions compared to the benchmark.

Additionally, in alignment with the UN Sustainable Development Goals, 61% of companies in the equity portfolio contributed positively to gender equality, 36% to economic development, and 35% to climate action. In the private equity portfolio, the transparency score was 72%, significantly higher than the market average of 9%.

Similarly, the real estate portfolio achieved a transparency score of 73%, compared to the sector average of 11%, indicating notably high transparency scores for both asset types. In advancing our goals, we are planning to integrate ESG principles into our private equity and real estate investments across three key areas.

Our strategy includes enhancing manager assessments by embedding ESG criteria into our scoring model, conducting thorough evaluations during the due diligence process for new investments using tailored ESG questionnaires, and implementing regular monitoring of existing investments within the SOFAZ portfolio.

Source fold: ESG principles page. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: History & mission

History of the oil strategy and SOFAZ founding, plus mission/objectives and values.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN History History Azerbaijan is well-known worldwide as an ancient oil country. From the late 19th to the early 20th century, Baku has transformed into one of the biggest oil centres in the world. After Azerbaijan gained its independence, oil played a crucial role in the country’s development.

At the time, the country suffered from military aggression and faced a multitude of different risks. To rebuild the country, the national leader Heydar Aliyev developed a long-term oil strategy. The three pillars of this strategy include: the attraction of foreign investments and expertise establishment of multi-optional export routes efficient and transparent management of accumulated revenues On September 20, 1994, Azerbaijan signed the Azeri-Chirag-Gunashli Production Sharing Agreement (PSA) with leading international oil companies.

Dubbed the “Contract of the Century,” this agreement spurred the signing of new oil contracts, which generated substantial revenues for the country. These developments urged the need to establish an entity whereby assets could be accumulated and efficiently managed. Ilham Aliyev, the vice-president of SOCAR back then, initiated the realization of this idea.

As proposed by Ilham Aliyev, the experiences of similar sovereign wealth funds abroad were thoroughly evaluated. Consequently, the national leader Heydar Aliyev signed a Decree to establish the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on December 29, 1999 . SOFAZ is an extra-budgetary fund and functions as a legal entity separate from the government or central bank.

SOFAZ safeguards and prudently manages energy-related earnings for present and future generations. One of the key principles of SOFAZ is transparency. Throughout this period, the Fund has developed institutionally and became an internationally recognized asset management organization.

FILM DEDICATED TO SOFAZ 20 th ANNIVERSARY MORE INFORMATION ABOUT SOFAZ STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Mission and Objectives Mission and Objectives Mission The mission of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) is to transform depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations.

Objectives The main goal of the establishment of SOFAZ is to accumulate and efficiently manage oil revenues. SOFAZ's activity is directed to the achievement of the following objectives: Preserving macroeconomic stability, ensuring fiscal-tax discipline, decreasing dependence on oil revenues and stimulating development of the non-oil sector Ensuring inter-generational equality with regard to the country's oil wealth and accumulate and preserve oil revenues for future generations Financing major national scale projects to support socio-economic progress STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Values Values Integrity We conduct our activity in accordance with the highest moral standards and ethical principles of society.

We are honest and truthful in all our words and actions. Respect We thoughtfully and carefully consider individual differences and ideas of others by complying with the highest moral standards, ethical principles and professional standards of society. Result-oriented Teamwork We aim at accomplishing concrete results with productive and sincere cooperation of the team.

Responsible Initiative We boldly take responsibility and initiative in order to achieve the timely and quality execution of the tasks arising from the Fund’s objectives and mission. Transparency and Accountability We deliver full, timely, accurate and up-to-date information to all stakeholders within the framework of our activities.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN General information General information SOFAZ is accountable and bears responsibility before the President of the Republic of Azerbaijan. The Supervisory Board oversees SOFAZ's activities. The Board reviews SOFAZ's draft annual budget, annual report, and financial statements along with independent auditor's opinion and provides its comments.

The Supervisory Board consists of representatives of executive and legislative powers, including ministers and members of the Parliament. The Supervisory Board's new composition – consisting of seven members – was approved by the President of the Republic of Azerbaijan Ilham Aliyev on December 9, 2019.

The Executive Director manages the activities of SOFAZ. The Executive Director is appointed and dismissed by the President of the Republic of Azerbaijan. SOFAZ's Executive Director has the following authority: Representing the Fund Carrying out operational management of the activities Appointing and dismissing employees according to the legislation Ensuring the management and investment of the Fund's assets under the Guidelines approved by the President of the Republic of Azerbaijan.

The Deputy CEO is appointed and dismissed by the President of the Republic of Azerbaijan and accomplishes tasks assigned by the Executive Director and bears personal responsibility. SOFAZ implements its budget execution according to the Fund's annual budget (commented by the Supervisory Board and approved by respective Ordinances of the President of the Republic of Azerbaijan), the Program on the main utilization directions of the Fund's assets and annual expenditure estimates.

SOFAZ manages its assets under the "Asset Management Rules (Guidelines) for the State Oil Fund of the Republic of Azerbaijan".

Source fold: History + Mission + Values. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Chronology

Official chronology milestones spanning founding, EITI, investment-policy changes, IFSWF hosting, and equity/gold allocation steps.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Chronology 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 • 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 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 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 10 th 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.

03 March- The President of Azerbaijan appointed Rovshan Javadov as Deputy CEO. 01 September- Bahruz Bahramov has been appointed as Advisor of CEO of SOFAZ. 03 November- SOFAZ sold Pine Avenue Tower A, a 25-storey office building located in Seoul for KRW 521.5 billion. February SOFAZ has received an overall score of 92 and has been ranked 5th among 64 sovereign wealth funds (SWFs) in the 2019 Sovereign Wealth Fund Transparency and Accountability scoreboard published by the Peterson Institute for International Economics.

Source fold: Chronology page. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Awards & transparency

UN Public Service Award 2007 and EITI Award 2009 narrative as published.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Awards Awards SOFAZ has always been highly valued by reputable organizations worldwide for its transparent activities. United Nations Public Service Award In 2007, SOFAZ received the United Nations Public Service Award (UNPSA) for “Improving Transparency, Accountability, and Responsiveness in the Public Service.” The award was presented to SOFAZ at the United Nations Public Service Awards Ceremony, during the 7th Global Forum on Reinventing Government, held on 26-29 June 2007.

SOFAZ is the first governmental agency among organizations of the Eastern Europe and CIS countries to receive the UNPSA. The UNPSA is the most prestigious international recognition of excellence in public service. The United Nations established the award in 2003. It rewards the creative achievements and contributions of public service institutions that lead to a more effective and responsive public administration in countries worldwide.

On 7 March 2003, the UN General Assembly adopted a Resolution to designate 23 June as Public Service Day. EITI Award 2009 Azerbaijan joined the Extractive Industries Transparency Initiative (EITI) in 2003 and is one of the countries that achieved many “firsts” in this field. Azerbaijan has instituted a regular process of disclosing, reconciling, and publishing company payments and government receipts and, became the first country to complete the Validation.

The EITI Board designated Azerbaijan as an EITI Compliant country at the 4th EITI International Conference on February 16-18, 2009, in Doha, Qatar. Thereby, Azerbaijan became the first EITI Compliant Country among other candidate countries. Azerbaijan received the “EITI Award 2009” for the commitment to EITI principles and criteria and its achievements in EITI Implementation.

Source fold: Awards page. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: Official news folds

Selected 2026 official news: FII Priority Europe (Italy investments cited at USD 3 billion), mentorship programme, and partnership releases — attribute quotes to named speakers as published.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN SOFAZ CEO attended FII Priority Europe Forum in Rome as part of working visit to Italy 19 Jun 2026 14:21:00 SOFAZ CEO attended FII Priority Europe Forum in Rome as part of working visit to Italy 19 Jun 2026 14:21:00 Israfil Mammadov, CEO of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), took part in the FII Priority Europe Forum, held in Rome on 17–19 June as part of his working visit to Italy.

Powered by the FII Institute, with the Public Investment Fund (PIF) of Saudi Arabia as Founding Partner, the forum was convened under the theme "Europe Reimagined: Capital, Sovereignty & Strategic Autonomy." The forum centered on strengthening Europe's strategic autonomy across energy, technology, security and finance.

Bringing together leading global investors, policymakers and innovators, the event examined how capital can support the continent's long-term competitiveness. Israfil Mammadov took part in the panel discussion “Who Will Finance Europe’s Next Build-Out?”, which addressed how long-term capital can help finance large-scale infrastructure.

Mammadov noted that long-term investment capital is available in ample supply globally, and that the real challenge lies in directing it toward high-quality projects that meet institutional standards. Speaking of how the Fund applies this in practice, he said: "We invest across markets on the basis of stability, asset quality and a long horizon.

Our investments in Italy are a clear example of that, through long-term ownership of real infrastructure in transport and in energy that we intend to hold for years to come. Today, SOFAZ’s investments in Italy total USD 3 billion, positioning the country as the Fund’s fourth-largest investment destination within its global portfolio." During the working visit, Mr.

Mammadov held a series of meetings with representatives of government institutions, the private sector and sovereign wealth funds, engaging in productive discussions on investment opportunities, areas of mutual interest and prospects for future cooperation. STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Opening Ceremony of the “Zəfərdən Gələcəyə" (From Victory to the Future) mentorship programme was held 05 May 2026 10:52:00 Opening Ceremony of the “Zəfərdən Gələcəyə" (From Victory to the Future) mentorship programme was held 05 May 2026 10:52:00 As a continuation of the initiatives undertaken by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) in human capital development and educational support the opening ceremony of the "Zəfərdən Gələcəyə" (From Victory to the Future) mentorship programme was held.

The programme is intended for students of Karabakh University on the occasion of the 5th Anniversary of the Glorious Victory of the Republic of Azerbaijan. Under the programme, 10 participants were competitively selected from among second and third-year students of Faculty of Economics at Karabakh University.

The selected students will have the opportunity to develop their knowledge and skills in the fields of investment and finance through mentorship support provided by SOFAZ specialists. At the opening ceremony held at Karabakh University, Mr. Bahruz Bahramov, Deputy CEO of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Mr.

Shahin Bayramov, Rector of Karabakh University delivered speeches. Mr.Bahruz Bahramov, Deputy CEO of SOFAZ, emphasized the significance of the programme: “Investing in knowledge and human capital during the reconstruction and rehabilitation phase in Karabakh is of particular importance, as it generates long-term value.

This approach holds a key place among the Fund’s strategic priorities.” Mr. Shahin Bayramov, Rector of Karabakh University, in his remarks, noted that the university is establishing itself as a regional centre of knowledge and development, thereby making a significant contribution to unlocking students’ and shaping their future career trajectories.

During the event, presentations were delivered covering the objectives of the programme, its implementation mechanism, upcoming phases, and the opportunities available for participants to benefit effectively from the programme. In addition, representatives of SOFAZ visited the newly commissioned building of the Faculty of Economics at Karabakh University.

It should be noted that the “From Victory to the Future” mentorship programme aims to increase youth interest in the fields of economics and finance, support their professional development, and strengthen the link between theoretical knowledge and practical experience. The programme is among the initiatives that contribute to the development of human capital and sustainable economic growth in the country through the sharing of the Fund’s knowledge and expertise.

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN Three Sovereign Funds Anchor Newly Launched Galaxy Orientis China–ASEAN Investment Platform 15 Apr 2026 10:55:00 Three Sovereign Funds Anchor Newly Launched Galaxy Orientis China–ASEAN Investment Platform 15 Apr 2026 10:55:00 First Close of US$520 Million Anchored by China Investment Corporation, Indonesia Investment Authority, and State Oil Fund of the Republic of Azerbaijan The State Oil Fund of the Republic of Azerbaijan, China Investment Corporation (“CIC”) and Indonesia Investment Authority (“INA”) have jointly established the Galaxy Orientis China–ASEAN Investment Platform (“CAIP” or “the Program”), a sovereign-led private equity platform dedicated to capturing long-term investment opportunities across the China–ASEAN corridor.

The Program has reached a first close of approximately US$520 million, with a target size of US$1 billion. The Program brings together the three sovereign wealth funds in a jointly governed investment platform, designed to facilitate long-term capital flows and industrial collaboration between China and the ASEAN region.

Against a backdrop of deepening China–ASEAN trade integration and accelerating supply-chain realignment across Southeast Asia, CAIP aims to capture high-quality investment opportunities in industrial, healthcare, consumer, business services, technology and other sectors that drive this structural shift.

(“CGS International”), the overseas arm of China Galaxy Securities (“CGS”), serves as General Partner, providing regional expertise, operational infrastructure, and on-the-ground networks across Southeast Asia. Zhang Qingsong, Chairman and CEO of CIC said, "CIC, together with our partners INA and SOFAZ, is launching the Galaxy Orientis China-ASEAN Investment Program based on our firm optimism about ASEAN's economic growth prospects and deep recognition of the immense potential of China-ASEAN cooperation.

We hope, through investing in high-quality companies targeting the ASEAN market, the Fund will not only deliver a sound financial return, but also promote regional economic prosperity, achieving win-win outcomes on social and economic fronts. It is also part of CIC’s continuous effort to leverage our unique advantage as the Chinese sovereign wealth fund and collaborate with partners to capture global opportunities.

Eddy Porwanto, Acting Chief Executive Officer of INA, said, “This Program represents a strategic step in establishing a dedicated investment platform across the China–Southeast Asia corridor. As INA’s first investment into a fund-of-funds under this thematic program, it reflects our role as a strategic partner in helping unlock high-quality investment opportunities.

Through this platform, INA aims to facilitate the flow of long-term capital, alongside global expertise and networks, in partnership with leading global institutional investors, into sectors that foster sustainable growth and long-term economic value creation in Indonesia.” Israfil Mammadov, Chief Executive Officer of SOFAZ, said , “SOFAZ is delighted to partner with CIC and INA on the China–ASEAN Investment Program.

This platform represents a key milestone in our strategy to build deep, sovereign-to-sovereign partnerships that access the world’s most dynamic economic corridors. By pooling our collective expertise and long-term capital, we are better positioned to capitalize on the accelerating trade and supply-chain integration between China and Southeast Asia, while contributing to the further diversification of SOFAZ’s investment portfolio.” Wu Peng, Chairman of CGS International, said, “CGS International will bring to the Program our extensive knowledge, deep presence and wide networks in Southeast Asia, capitalising its high growth sectors and renewed investor interest.

Source fold: oilfund.az news archive items. Verify against the live oilfund.az page or PDF before citing beyond this page.

Annex: SWF peers

Peer context for researchers (separate UAO institution SSR pages): NBIM (Norway), ADIA and Emirates Investment Authority (UAE), CIC (China), GIC (Singapore), Public Investment Fund (Saudi Arabia) (Saudi Arabia), Qatar Investment Authority (Qatar), Libyan Investment Authority (Libya), Alaska Permanent Fund Corporation (Alaska), Future Fund (Australia). SOFAZ’s distinguishing published features include the large LBMA gold sleeve, annual Presidential Investment Policy, and large AZN state-budget transfers alongside a diversified foreign portfolio.

Annex: Deliberate omissions

• No invented current CIO in Instantiations (seat empty).
• No invented USD headline from AZN without official parallel.
• No private emails/phones from office directories.
• No VideoObject — YouTube channel link exists; no verified single official embed selected.
• No SAFE / TRS Texas / Kuwait PIFSS / BIA content on this page.
• Secondary Instantiations ~US$62 bn estimate omitted from headline AUM.

Annex: Outbound checklist

• Recent figures
• Investment Policy
• CEO — Israfil Mammadov
• Deputy CEO — Rovshan Javadov
• Supervisory Board
• Gold
• Real Estate
• ESG principles
• Chronology
• Investment Results 2025 PDF
• Asset Management Rules PDF

Annex: Editorial locks

• H1 = institution name only — never “| UAO Top 100” in H1.
• Single www canonical via post.canonical_url only.
• Schema: Organization + GovernmentOrganization, WebPage, BreadcrumbList, FAQPage (12); no VideoObject.
• Daily-refresh disabled; desk untouched (sha a13480ec21c4dc98…).
• Seat-lock + META lastsweep 2026-09-11 carried.
• Tag #registry-institution.
• Do not message CoS or SEO from this ship (next CoS batch at 80).

FAQ

What is the State Oil Fund of Azerbaijan (SOFAZ)?

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is Azerbaijan’s oil-and-gas revenue sovereign wealth fund, established by Presidential Decree on 29 December 1999. It is an extra-budgetary legal entity accountable to the President of Azerbaijan, mandated to transform depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations. Official site: https://www.oilfund.az/.

What official AUM has SOFAZ published, and in which currency?

Prefer dated official figures from oilfund.az — SOFAZ publishes assets in both USD and AZN (manats). As of 30 June 2026, assets were USD 72,596.6 million (AZN 123,414 million) per Recent figures and the H1 2026 revenue/expenditure statement. At 31 December 2025 assets were USD 73,541.5 million (AZN 125,020.5 million), up 22.5% from USD 60,031.4 million at the start of 2025. Do not invent Instantiations headline USD; the stale ~US$62 bn estimate is superseded by these official prints.

Who is the Executive Director / CEO of SOFAZ?

Israfil Mammadov is CEO (Executive Director), appointed 29 November 2019 by Presidential Decree. He previously served as SOFAZ Chief Investment Officer (2008–2013) and Deputy CEO (2013–2019). As of 5 November 2024 he is Deputy Chair of the Board of the International Forum of Sovereign Wealth Funds (IFSWF). UAO person SSR: /registry/person/israfil-mammadov/.

Who is the Chief Investment Officer?

UAO Instantiations keeps the CIO seat empty — do not invent a CIO. Official Governance pages list the CEO and Deputy CEO; there is no dedicated current CIO roster page in the opened primaries. Historically Israfil Mammadov was CIO (2008–2013) and Rovshan Javadov was CIO (2014–2020) before becoming Deputy CEO on 2 March 2020. A 13 April 2026 China–ASEAN Investment Program signing release carried on oilfund.az named Farhad Zeynalov as “SOFAZ Chief Investment Officer” at the ceremony — treat as that release’s attribution only unless a Governance CIO page confirms the seat.

How is SOFAZ governed?

SOFAZ is accountable to the President of Azerbaijan. A seven-member Supervisory Board (composition approved 9 December 2019) reviews the draft annual budget, annual report, and financial statements with the auditor’s opinion. Members include Prime Minister Ali Asadov, Deputy Speaker Musa Gasimli, presidential assistants Shahmar Movsumov and Natig Amirov, Finance Minister Sahil Babayev, Economy Minister Mikayil Jabbarov, and Central Bank Chairman Taleh Kazimov. The Executive Director (CEO) and Deputy CEO are appointed and dismissed by the President.

What is SOFAZ’s 2026 investment policy asset mix?

The 2026 Investment Policy (oilfund.az) sets sub-portfolio bands: Fixed Income minimum 30% (maximum lower deviation 10%); Equity up to 25% (+3% upper deviation); Real Assets up to 10% (+3%); Gold up to 35% (+4%). USD is the base currency; at least 85% of the portfolio must be in USD-, EUR-, or GBP-denominated assets. The policy’s projected weighted-average portfolio size for 2026 is USD 64.8 billion — a forecast, not the current AUM print.

What did the Investment Results for 2025 show for portfolio composition and return?

Official Investment Results for 2025 (PDF): year-end assets USD 73,541 million; investment portfolio about USD 73,539.7 million. Asset-class mix: fixed income and money market 29.8%; equities 25.6%; gold 38.2% (200.0 tons); real estate and infrastructure 6.4%. Investment portfolio return 6.2%. Gold holdings on the Gold page were 178.1 tons as of 30 June 2026 (dated separately from the YE2025 200.0-ton print).

What revenues and transfers did SOFAZ report for 2025 and H1 2026?

FY2025: total revenues AZN 37,594.4 million; budget expenditures AZN 14,627.2 million; oil and gas agreement revenues AZN 10,266.3 million; investment return AZN 6,894.1 million (6.2%); state-budget transfer AZN 14,481.0 million. H1 2026 (to 30 June): total revenues AZN 8,531.3 million; oil and gas AZN 4,953.4 million; asset-management revenues AZN 3,577.9 million; expenditures AZN 6,449.7 million; state-budget transfer AZN 6,420.0 million; assets USD 72,596 million.

How does SOFAZ describe ESG integration?

SOFAZ’s ESG page states the Fund integrates Environmental, Social, and Governance factors to mitigate risks and identify opportunities while maximizing risk-adjusted returns. As of 2023 disclosures on that page, fixed income and equity portfolios showed lower carbon emissions versus benchmark; among equity holdings, 61% of companies contributed positively to gender equality, 36% to economic development, and 35% to climate action (UN SDG framing). Private equity and real estate transparency scores were reported well above sector averages. Attribute ESG claims only to oilfund.az primaries.

Is SOFAZ the same as SOCAR or the Central Bank of Azerbaijan?

No. SOFAZ is the State Oil Fund — a sovereign wealth / oil-revenue savings and stabilization vehicle. SOCAR is the State Oil Company of the Republic of Azerbaijan (operating company). The Central Bank of the Republic of Azerbaijan (Chairman Taleh Kazimov sits on SOFAZ’s Supervisory Board) is the monetary authority. Soft researcher names: SOFAZ, State Oil Fund of Azerbaijan, State Oil Fund of the Republic of Azerbaijan.

What domestic projects and budget transfers has SOFAZ financed?

Recent figures (30 June 2026) list cumulative allocations including AZN 176,832.9 million transfers to the state budget; refugee/IDP social conditions AZN 2,702.7 million; Southern Gas Corridor AZN 1,530.3 million; STAR Oil Refinery AZN 1,663.3 million; Samur-Absheron irrigation AZN 1,469.6 million; Baku-Tbilisi-Kars railway AZN 748.6 million; education programmes; and completed BTC, Oguz-Qabala-Baku water, and other projects. Project financing and budget transfers are distinct from the foreign-currency investment portfolio.

Where should researchers correct UAO Registry errors about SOFAZ?

Send corrections to info@universalassetowners.com. Prefer primary documents on https://www.oilfund.az/ (Recent figures, revenue/expenditure statements, Investment Policy 2026, Investment Results 2025, Governance CEO/Deputy CEO/Supervisory Board, Gold, Real Estate, ESG). Currency discipline: use official USD and AZN as published with as-of dates; do not invent FX or promote the stale Instantiations ~US$62 bn estimate. Keep Instantiations CIO empty unless a Governance CIO page confirms the seat.

Sources & further reading

Primary: oilfund.az Recent figures; FY2025 / Q1 2026 / H1 2026 revenue and expenditure statements; Investment Policy 2026; Investment Results 2025 PDF; Asset Management Rules PDF; Governance CEO / Deputy CEO / Supervisory Board / general information; Gold; Real Estate; Foreign managers; ESG principles; History; Mission; Values; Awards; Chronology; selected 2026 news archive items. Secondary rankings used only for Instantiations rank context — not for headline AUM.

Completeness note

Target ~10k sourced words from opened oilfund.az primaries. Non-blocking expansions if later published: dedicated current CIO Governance page; full audited IFRS annual report HTML extract; manager-level SOFAZ allocation sizes; verified official video embed for VideoObject. No filler.