A routine meeting of the Supervisory Board of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was held on June 13, 2007. 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 2006, a report on execution of the 2006 budget, as well as the amendments to be made to the 2007 budget of the Fund.

The Supervisory Board approved the SOFAZ annual report and Auditor's (Ernst & Young) Report for the year 2006 as submitted by the Executive Director of the Fund. While endorsing the Oil Fund's 2006 budget execution and amendments to the Fund's 2007 budget the Supervisory Board recommended both documents for the approval by the President of the Republic of Azerbaijan.

The Fund's accounting policy and guidelines were amended at the meeting as per the presentation of SOFAZ Executive Director.

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