Novruz Mammadov elected as chairman of SOFAZ supervisory board for next term

Thu 04 Jul 2019 17:35 GMT | 21:35 Local Time

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A meeting of the Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) was held, Trend reports with reference to the fund.

By the decision of the Council, Prime Minister of Azerbaijan Novruz Mammadov has been elected its chairman for the next term.

During the meeting, issues related to the fund’s annual report on budget execution for 2018 were discussed. Considering the conclusion of an independent auditor (Pricewaterhousecoopers Audit Azerbaijan LLC), the conclusion of the Chamber of Accounts on the execution of the budget for 2018, as well as the execution of budget revenues in the amount of 17.6141 billion manats or 115 percent, and the execution of budget expenditures in the amount of 11.4556 billion manats, or at the level of 99.8 percent, it was decided to submit a report on the execution of the SOFAR budget for 2018 for approval to the President of Azerbaijan.

The Supervisory Board considered it expedient to make changes on the final date for submission of financial reports and SOFAZ budget execution reports in the normative acts regulating the activities of the fund and recommended that these changes be submitted to the President of Azerbaijan.

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