25 November 2024

SOFAZ

23:31 03 May 2016 Read: 821

The supervisory board of the State Oil Fund of Azerbaijan (SOFAZ) has approved the fund`s 2015 annual report and auditor`s (PricewaterhouseCoopers) report submitted by the executive director of the fund, SOFAZ said in a message May 3.

The supervisory board has recommended SOFAZ`s 2015 budget execution project for the approval by the president of Azerbaijan.

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

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.

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