ECONOMY


SOFAZ Supervisory Board holds meeting

Baku, April 21, AZERTAC

A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on April 21. The meeting chaired by Artur Rasizade, Prime Minister of Azerbaijan and Chair of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2016 and a report on execution of the 2016 budget.

The Supervisory Board approved SOFAZ's 2016 annual report and Auditor's (PricewaterhouseCoopers) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2016 budget execution project the Supervisory Board recommended this document for the approval by the President of the Republic of Azerbaijan.

Prime Minister Artur Rasizade was re-elected as the Supervisory Board's Chair for the next term.

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