Azerbaijani Prime Minister Novruz Mammadov elected as Chair of State Oil Fund`s Supervisory Board

Baku, July 6, AZERTAC Prime Minister Novruz Mammadov was elected as the Supervisory Board`s Chair of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) according to the decision of the Supervisory Board which convened a meeting on July 6. The Supervisory Board discussed the Fund`s annual report and audited financial statements for the year of 2017, SOFAZ`s 2017 budget execution project and the amendments to SOFAZ`s 2018 budget. The Supervisory Board approved SOFAZ`s 2017 annual report and Auditor`s (PricewaterhouseCoopers) Report as submitted by the Executive Director of the Fund. While endorsing the Fund`s 2017 budget execution project and the amendments to SOFAZ`s 2018 budget, the Supervisory Board recommended these documents for the approval of the President of the Republic of Azerbaijan.