The Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), has reviewed the Independent Auditor’s (“PricewaterhouseCoopers Audit Azerbaijan” LLC) Opinion on the financial activities of SOFAZ and endorsed the Fund’s annual report for 2019.

After reviewing the Opinion of the Independent Auditor and the Chamber of Accounts of the Republic of Azerbaijan, as well as the execution of SOFAZ’s 2019 budget revenues in the amount of 19 030.6 million manats (123.2%), and expenditures in the amount of 11 588.66 million manats (99.9%), the Supervisory Board made a decision to submit SOFAZ’s 2019 budget execution for the approval by the President of the Republic of Azerbaijan.

The new composition of the Supervisory Board – consisting of seven members – was approved by the Order of the President of the Republic of Azerbaijan Ilham Aliyev on 9 December 2019.
Mr Ali Asadov, the Prime Minister of the Republic of Azerbaijan is the Chair of SOFAZ’s Supervisory Board. The board members include Mr Adil Aliyev, the Deputy Speaker of the Milli Majlis of the Republic of Azerbaijan (Parliament); Mr Natig Amirov, the Assistant to the President of the Republic of Azerbaijan – Head of the Department of Economic Policy and Industrial Issues of the Presidential Administration; Mr Shahmar Movsumov, the Assistant to the President of the Republic of Azerbaijan – Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration; Mr Mikayil Jabbarov, the Minister of Economy; Mr Samir Sharifov, the Minister of Finance; and Mr Elman Rustamov, the Chairman of the Central Bank.