SOFAZ Supervisory Board regular meeting was held on July 19, 2006. The meeting presided over by Mr. Artur Rasizadeh, Prime Minister and Chairman of the Supervisory Board discussed the Fund’s annual report and audited financial statements for the year 2005, as well as a report on execution of the 2005 budget of the Fund.

The Supervisory Board approved the SOFAZ Annual Report and Auditor's (Ernst & Young) Report for the year 2005 as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2005 budget execution the Supervisory Board recommended it for the approval by President of the Republic of Azerbaijan as per the Budget Regulations of the Fund.

Prime Minister Artur Rasizadeh was re-elected the Supervisory Board’s Chairman-in-office.