POLITICS
REGULAR SESSION OF SUPERVISORY COUNCIL OF STATE OIL FUND OF THE AZERBAIJAN REPUBLIC HELD
As was informed to AzerTAj, regular session of the Supervisory Council of the State Oil Fund of Azerbaijan Republic (SCSOF) was held on July 23. At the session under presidency of the Prime Minister of the Azerbaijan Republic, chairman of the Supervisory Council of the State Oil Fund Artur Rasizade have been considered the annual report on activity of Fund in 2003 and results of audit of its financial activity, and also execution SCSOF’s budget for the last year.
The Supervisory Council, having considered submitted executive director of Oil Fund the annual report on activity of Oil Fund in 2003 and the report of independent auditors (the company Ernest and Young) about financial activity of Fund last year, has recognized them satisfactory and has made the decision on representation to the President of the Azerbaijan Republic for approval of the budget for 2003.
At the session of the Supervisory Council, also were held exchange of views on projects, which can be financed due to the Oil Fund within the framework of the intermediate term state investment program.
Prime Minister A. Rasizade again has been elected chairman of the Supervisory Council of the State Oil Fund.