A meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on July 6, 2018. According to the decision of the Supervisory Board, the Prime Minister of the Republic of Azerbaijan Novruz Mammadov was elected as the Supervisory Board's Chair.

During the meeting, the Supervisory Board discussed the Fund's annual report and audited financial statements for the year of 2017, SOFAZ’s 2017 budget execution project and the amendments to SOFAZ’s 2018 budget.

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