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SOFAZ Annual Report 2017.Pdf THE STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN ANNUAL REPORT 2017 THE STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN CONTENT ABBREVATIONS 1. ABOUT SOFAZ 4 ACG - Azeri-Chirag-Guneshli AiOC - AzerbAijAn internAtiOnAl OperAtinG COmpAny bOe - the bAnk Of enGlAnd 2. FACTS AT GLANCE 10 CbAr - the CentrAl bAnk Of the republiC Of AzerbAijAn eCb - eurOpeAn CentrAl bAnk fed - the federAl reserve 3. GOVERNANCE AND TRANSPARENCY 14 Gdp - GrOss dOmestiC prOduCt 3.1. MANAGEMENT OF SOFAZ 14 IFSWf - the internAtiOnAl Forum Of sOvereiGn WeAlth funds 3.2. TRANSPARENCY AND ACCOUNTABILITY 18 imf - the internAtiOnAl mOnetAry fund OPEC - OrGAnizAtiOn Of the petrOleum expOrtinG COuntries psA - prOduCtiOn shArinG AGreement 4. NATIONAL ECONOMY AND SOFAZ 21 sGC - sOuthern GAs COrridOr 4.1. MACROECONOMIC DEVELOPMENT 21 sOfAz - the stAte Oil fund Of the republiC Of AzerbAijAn 4.2. SOFAZ’S INCOMES 34 ssC Of AzerbAijAn - the STAte STATISTICAl COMMITTEE Of the 4.3. SOFAZ’S EXPENDITURES 39 REPUBLIC Of AzerbAijAn sWfi - the sOvereiGn WeAlth fund institute VaR - Value At risk 5. INVESTMENT 52 Wb - the WOrld bAnk 5.1. INVESTMENT STRATEGY 52 5.2. SOFAZ’S INVESTMENT PORTFOLIO 55 5.3. RETURNS ON SOFAZ’S INVESTMENT PORTFOLIO 74 5.4. RISK MANAGEMENT 78 6. EXECUTION OF THE 2017 SOFAZ BUDGET 83 7. CONSOLIDATED FINANCIAL STATEMENTS OF SOFAZ 88 APPENDIX 143 2 ANNUAL REPORT 2017 ANNUAL REPORT 2017 3 THE STATE OIL FUND ABOUT SOFAZ OF THE REPUBLIC OF AZERBAIJAN 1. ABOUT SOFAZ 1.29% 2.9% 4.6% 4.4% 5.3% 0.11% 2.35% 3.1% 3.1% 3.4% 3.5% 2% 6.5% 10.2% 12.2% 14.9% $0.5 bn. $2.5 bn. $22.8 bn. $34.1 bn. $37.1 bn. $33.6 bn. $33.1 bn. $35.8 bn. 100% 100% 99.89% 94.36% 87.5% 82.1% 80% 76.3% 2001 2007 2010 2012 2014 2015 2016 2017 The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was budget system” of the republic of Azerbaijan, all sOfAz expen- established in accordance with the Decree of national leader ditures, except for operating expenditures, are incorporated into - First - SOFAZ was - SOFAZ - Assets - Changes - SOFAZ - Changes - Changes heydar Aliyev no. 240 on december 29, 1999. sOfAz is a an annual consolidated government budget presented to the investments awarded with UN commenced increased to over were made to commenced were made to were made to mechanism whereby energy-related earnings are accumulated parliament for approval. thus, indirectly, all citizens participate in were made. Public Service investing into USD 30 billion; investment investing in real investment investment Award. private equity policy: estate funds; policy: policy: and efficiently managed for future generations. the discussions of the budget of sOfAz. in compliance with this funds. - SOFAZ allocation to allocation to allocation to law, sOfAz can only execute the expenditures envisaged by its - Assets reached commenced equities increased - Funds were equities increased equities increased USD 2 billion. investing into from 5% to 10%, allocated into from 10% to 15%; from 15% to 25% sOfAz is structured as an extra-budgetary fund and functions budget. public equity, gold while allocation European stock allocation to real and allocation as the legal entity separate from the government or central and real estate; to fixed income markets through estate increased to fixed income bank. statute of sOfAz was approved in 2000. sOfAz’s investment and risk management policies are defined decreased from MSCI Europe from 5% to 10%; decreased from - Currency 85% to 80%; ex-UK index. and allocation 70% to 60%; by “investment Guidelines” and “investment policy” approved by composition of to fixed income the cornerstone of sOfAz’s philosophy is to ensure intergene- the president of the republic of Azerbaijan after the review of the fixed income - SOFAZ decreased from - Increased portfolio was started in-house 80% to 70%; the share of rational equality with respect to the benefit from the country’s supervisory board. According to its “investment policy”, sOfAz’s further diversified management of allocations to oil wealth. investment decisions should aim at maximizing the risk-adjusted to include public equity - Increased real estate and Australian Dollar, indexes. the share of equities. returns. According to the “investment Guidelines”, sOfAz makes Turkish Lira, and allocations in MISSION investment decisions independently. Russian Ruble. alternative asset classes. sOfAz’s mission is to transform depletable hydrocarbon re- in 2004, the president of the republic of Azerbaijan ilham serves into financial assets generating perpetual income for Aliyev approved “long-term strategy on the management of Fixed income Equities Gold Real estate current and future generations. oil and gas resources”. this document is considered as a crucial milestone for the long-term prosperity of the country, outlining OBJectives the development of the non-oil sector, human capital and note: the diagram illustrates year by year Aum and breakdowns of the investment portfolio by asset class. competitive economy. sOfAz is one of the central components sOfAz’s activity is directed to the achievement of the following in the implementation of the strategy. objectives: 1. supporting macroeconomic stability, participating in ensuring OUR Values: Respect, TEAMWORK, Trust AND worldwide. building strong working relationships, praising fiscal-tax discipline and decreasing dependence on oil revenues Transparency personal, achievements and encouraging teamwork contri- while stimulating development of the non-oil sector; bute to the establishment as well as further development of 2. funding major national scale projects to support socio-eco- since its very inception, sOfAz has built a strong cooperation with professional work environment. nomic progress; a number of financial organizations and institutions in Azerbaijan 3. ensuring intergenerational equality with regard to the and globally. sOfAz’s relations with its partners are based on the TRUST country’s oil wealth, accumulating and preserving oil revenues principles of mutual respect, trust, teamwork and transparency. for future generations. since its inception, sOfAz adheres to the highest standards of RESPECT ethical behavior and honesty to gain the trust of its partners. Legal FRAMEWORK sOfAz expects all of its business partners to operate on the sOfAz’s relations with international organizations, financial in- same principles of mutual trust and cooperation. sOfAz’s operations are guided by the Constitution and laws of stitutions, government bodies as well as its employees are based the republic of Azerbaijan, presidential decrees and resolutions, on mutual respect. deeply rooted into the fund’s philosophy, TRANSPARENCY sOfAz statute and regulations. trust and respect are the main factors in maintaining healthy relations in workplace and cooperating fruitfully with partners. sOfAz’s activities are based on the principles of transparen- sOfAz’s funding and withdrawal rules are clearly defined by cy and accountability. internationally praised as a credible the “Statute of the State Oil Fund of the Republic of Azerbaijan” TEAMWORK and transparent institution, sOfAz, in line with the foremost and the “Rules on the preparation and execution of the annual international practices, ensures the highest level of trans- program of revenues and expenditures (budget) of the state Oil it is through teamwork and joint efforts that sOfAz succeeds parency towards its counterparties, employees and external fund of the republic of Azerbaijan”. According to the law “On in all of its endeavors and strengthens its prestige locally and managers. 4 ANNUAL REPORT 2017 ANNUAL REPORT 2017 5 THE STATE OIL FUND ABOUT SOFAZ OF THE REPUBLIC OF AZERBAIJAN Mugham 6 ANNUAL REPORT 2017 ANNUAL REPORT 2017 7 MUGHAMTHE STATE OIL FUND ABOUTMUGHAM SOFAZ OF THE REPUBLIC OF AZERBAIJAN Jabbar Garyaghdioglu Musical GENRES, rooted IN ORAL TRADITIONS OF SOME NEAR AND MIDDLE East nations, come IN MANY NAMES IN DIFFERENT countries AND have peculiarities that differentiate THEM FROM ONE another. IN AZERBAIJAN, A ForM oF high ArT iN The orAL TrAdiTioNs oF proFessioNAL Music is cALLed “MughAM”. MughAMs Are jabbar ismayil oghlu Garyaghdioglu, an outstanding several phonograph records of mughams performed by the vocAL-iNsTruMental or iNsTruMental coMposiTioNs coNveyiNg deep eMoTioNs, proFouNd MeANiNg ANd singer, composer, and people’s Artist, was born in shusha khananda were released. lofty IDEAS. THE POETIC text OF MUGHAM’S vocal section IS composed OF ghazals WHICH ARE samples OF in 1861. jabbar Garyaghdioglu had interest to music from classical poetry. THE art OF MUGHAM, WHICH ADDRESSES philosophical AND psychological THEMES, expresses A MAN’s spiriTuAL wealth ANd reFLecTioNs oN LiFe. MughAM “dAsTgAh”s [ed.: dAsTgAh – his early ages, and grew up in a mugham and musical Garyaghdioglu played a considerable role in the formation A suiTe-Like piece], hAviNg survived To This very dAy by pAssiNg FroM persoN To persoN iN The course environment. of Azerbaijan’s opera. in fact, he was the first opera actor of OF THE nation’S long history, represents A product OF great efforts AND INTELLIGENCE OF AZERBAIJANI Azerbaijan. people AND reveals subtleties OF AZERBAIJANI MUSIC. during his life, jabbar Garyaghdioglu was being called a “living history”, encyclopedia of Azerbaijani folk music, and “prophet Garyagdioglu has nurtured a generation of renowned of Oriental music”. his mughams and folk songs are still khanandas who made great contributions to the art of among the greatest valuables of Azerbaijan’s music treasury. mugham. Among Garyaghdioglu’s students were mugham Azerbaijani music is based on national modes. According to the concepts developed by Uzeyir Hajibeyli, there are seven khananda’s (i.e. jabbar Garyaghdioglu) name was rightfully masters khan shushinski, seyid shushinski, bulbul, davud main (rast, shur, segah, shushtar, bayaty-shiraz, chahargah and humayun) and three collateral (shahnaz, sarendj, chahargah of the placed alongside a number of the world’s prominent musical safiyarov, zulfi Adigozalov, jahan talishinskaya, yaver kalanterli second type) modes. Currently, several mugham dastgahs based on seven main modes exist. “Rast”, “Shur”, “Segah”, “Chahargah”, artists.
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