Azerbaijani prime minister re-elected chairman of SOFAZ supervisory board
Azerbaijan, Baku, June 11 / Trend /
State Oil Fund of Azerbaijan (SOFAZ) decided to submit fund's 2008 state budget to president for confirmation at Supervisory Board's meeting, the fund said.
The Supervisory Board, chaired by Prime Minister Artur Rasizade got familiar with the report on the 2008 activities presented by executive director and a report and conclusion of an independent auditor (Delloitte & Touche) on the financial activities of the fund last year. The Supervisory Board gave a positive assessment to these projects.
Arthur Rasizade was re-elected Chairman of the SOFAZ Supervisory Board.
As of Jan. 1, 2009, fund's assets reached 8.9867 billion manat (U.S. $ 11.2192 billion), up to 4.3 times by January 2008.
In 2008, fund's revenue totaled 11.8647 billion manat, or 117 percent of the forecast. Fund expenditures reached 4.2918 billion manat, or 98 percent of the forecast. Revenues from asset management amounted to 231.2 million manat in 2008.
On June 11, the official exchange rate is 0. 8039 manat to $1.