11:51 - 5.07.2019

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July 5, Fineko/abc.az. On Thursday, the State Oil Fund of Azerbaijan (SOFAZ) held a meeting of the Supervisory Board.

SOFAZ reports that the Supervisory Board approved the project of execution of the Fund's budget for 2018.

 “During the meeting the Supervisory Board discussed SOFAZ’s 2018 annual report, 2018 budget execution project. Taking into account Independent Auditor's (PricewaterhouseCoopers) Report on SOFAZ’s 2018 annual report, the Opinion of the Chamber of Accounts of Azerbaijan on SOFAZ’s 2018 budget execution, as well as execution of SOFAZ’s 2018 budget revenues in the amount of AZN 17.6 bn (115%), and its expenditures in the amount of AZN 11.455 bn (99.8%), the Supervisory Board recommended SOFAZ’s 2018 budget execution for the approval by the President of Azerbaijan.

"At the meeting Prime Minister Novruz Mammadov was elected as the Supervisory Board's Chair for the next term,” it was reported.

Accordingly, the Supervisory Board considered acceptable the amendments to the submission date of financial and budget execution reports in the normative legal acts regulating SOFAZ’s activities and recommended to submit these changes to the Azerbaijani president.