Ameeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on June 7, 2012. The meeting chaired by Mr. Artur Rasi-zadeh, Prime Minister of Azerbaijan and Chairman of the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2011, a report on execution of the 2011 budget, as well as the amendments to be made to the 2012 budget of the Fund.

The Supervisory Board approved the SOFAZ's 2011 annual report and Auditor's (Ernst & Young) Report as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2011 budget execution and amendments to the Fund's 2012 budget the Supervisory Board recommended both documents for the approval by the President of the Republic of Azerbaijan.

Prime Minister Artur Rasi-zadeh was re-elected as the Supervisory Board's Chairman-in-office for the year of 2012.