[5][6] The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was established by Heydar Aliyev's Decree No.

[5] Critics have described projects funded by SOFAZ as useless,[6] and noted that contracts have been awarded to companies owned by the ruling Aliyev family in Azerbaijan.

[12] The operational management of the Fund's activities is carried out by the Executive Director, who is appointed and dismissed by the President.

[14] There have been three executive directors since 2001: The President of Azerbaijan appoints the members of a Supervisory Board, who are de facto powerless.

[13] The board comprises 7 key officials including the Prime Minister, Deputy Speaker of the National Assembly, Assistants to the President of Azerbaijan – Head of Economic Affairs and Innovative Development Policy, and Head of Economic Policy and Industrial Affairs departments of the Presidential Administration, Minister of Finance, Minister of Economy, and the Chairman of the Central Bank of Azerbaijan.