Azerbaijani Prime Minister Novruz Mammadov elected as Chair of State Oil Funds Supervisory Board

Prime Minister Novruz Mammadov was elected as the Supervisory Boards 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 Funds annual report and audited financial statements for the year of 2017, SOFAZs 2017 budget execution project and the amendments to SOFAZs 2018 budget.

The Supervisory Board approved SOFAZs 2017 annual report and Auditors (PricewaterhouseCoopers) Report as submitted by the Executive Director of the Fund. While endorsing the Funds 2017 budget execution project and the amendments to SOFAZs 2018 budget, the Supervisory Board recommended these documents for the approval of the President of the Republic of Azerbaijan.

Source: AZERTAC