Meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on July 4, 2019. 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 for the next term.

During the meeting, the Supervisory Board discussed SOFAZ’s 2018 annual report, 2018 budget execution project. Taking into account Independent Auditor's (PricewaterhouseCoopers) Report on SOFAZ’s 2018 annual report, the Opinion of the Chamber of Accounts of the Republic of Azerbaijan on SOFAZ’s 2018 budget execution, as well as execution of SOFAZ’s 2018 budget revenues in the amount of 17 614.1 million manats (115%), and its expenditures in the amount of 11 455.6 million manats (99.8%), the Supervisory Board recommended SOFAZ’s 2018 budget execution for the approval by the President of the Republic of Azerbaijan.

Accordingly, the Supervisory Board considered acceptable the amendments to the submission date of financial and budget execution reports in the normative legal acts regulating SOFAZ’s activities and recommended to submit these changes to the President of the Republic of Azerbaijan.