Azerbaijani PM re-elected as SOFAZ Supervisory Board’s chair

21:16   21 April 2017    752

The Supervisory Board of the State Oil Fund of Azerbaijan (SOFAZ) held a regular meeting Apr. 21, the SOFAZ said in a message Apr. 21.

At the meeting, it was decided to submit the SOFAZ draft budget execution for 2016 to Azerbaijani president for approval, the fund said.

The SOFAZ Supervisory Board under the chairmanship of Azerbaijani Prime Minister Artur Rasizade got acquainted with the submitted report on the fund’s activity in 2016, as well as the report and the review of the multinational accounting firm PwC on the fund’s financial activity last year.

The SOFAZ Supervisory Board gave a positive assessment of these reports.

Artur Rasizade was re-elected as chairman of the SOFAZ Supervisory Board for another term, the message said.

SOFAZ was established in 1999 with assets of $271 million.

As of Apr. 1, 2017, SOFAZ assets increased by 0.18 percent compared to early 2017 and amounted to $33.207 billion.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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