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SOFAZ’s Supervisory Board Recommends Amendments to Its 2007 Budget for Azerbaijan President’s Approval

Oil&Gas Materials 14 June 2007 18:29 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / A routine meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on 13 June 2007. Chaired by Mr. Artur Rasizadeh, the Prime Minister and Chairman of the Supervisory Board, members discussed the Fund's annual report and audited financial statements for the year 2006, a report on execution of the 2006 budget, as well as the amendments to be made to the Fund's 2007 budget.The Supervisory Board approved the SOFAZ annual report and Auditor's (Ernst Republic of Azerbaijan.

The Fund's accounting policy and guidelines were amended at the meeting as per the presentation of the SOFAZ Executive Director.

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