Azerbaijan, Baku, June 7 / Trend A. Akhundov /
A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on June 7, 2012, the fund said today. The meeting chaired by Artur Rasizade, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2011, a report on execution of the 2011 budget, as well as the amendments to be made to the 2012 budget of the Fund.
The Supervisory Board approved the SOFAZ's 2011 annual report and Auditor's (Ernst & Young) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2011 budget execution and amendments to the Fund's 2012 budget the Supervisory Board recommended both documents for the approval by the President of the Republic of Azerbaijan.
Prime Minister Artur Rasizade was re-elected as the Supervisory Board's Chairman-in-office for the year of 2012.
Moreover, the Supervisory Board considered the changes in SOFAZ budget-2012 as satisfactory and decided to submit them for approval to the Azerbaijani President.
SOFAZ revenues in 2011 amounted to 15.628.3 billion manat, expenses - 9.606.6 billion manat. SOFAZ received most revenues from the sale of profit oil and gas. The income from implementing oil contracts amounted to 15.451.9 billion manat, from selling profit oil and gas - 15.257.5 billion manat, transit payments - 7.5 million manat. Transfers to the state budget amounted to 9 billion manat.
SOFAZ assets, as of January 1, 2012, increased by 30.9 per cent, compared to the beginning of last year ($22.766.8 billion) amounted to $29.8 billion.
The State Oil Fund was established in 1999, and at that time its assets amounted to $271 million.
The official exchange rate is 0,7858 AZN/USD on June 7.