The State Oil Fund of Azerbaijan (SOFAR) held a meeting of the Observation Board of the SOFAR, Prime Minister Artur Rasizada, the SOFAR announced. During the gathering the Prime Mister was anew elected the head of the Observation Board of the SOFAR.
The meeting centered on the changes to the 2005 budget of the SOFAR, the 2006 draft and the improvement of the Р±СЋРґР¶РµС'Р° РЅР° 2006 and the improvement of policy on management of the SOFAR finances.
The gathering particularly focused on the increase of funds to 100bn manats for financing the construction of AzerbaijanвЂ™s share in the Baku-Tbilisi-Ceyhan main export pipeline at the expense of the SOFAR.
The Board also recommended presenting to the Azerbaijani President a draft decree on increase of budget expenses from 105bn manats to 205bn manats.
Representatives of the Board also heard data provided by the Executive Director on the incomes for 2006, which was projected as 80,7842,600 denominated manats, expenses вЂ" 954,287,700 denominated manats, especially, 3976,700 allocated for management by the Fund.
The SOFARвЂ™s draft budget for 2006, including a sheet of expenses in major directions, including the investment policy and management over the Fund was approved and recommended for adoption of the President.